With Online Gambling On The Horizon, AC Casino Revenue Drops

New Jersey senators are considering pushing legislation that would regulate online gambling in the state. For Atlantic City casinos, that legislation cannot come soon enough. AC casinos watched revenue decline again in October, this time by twelve percent.

AC casinos have been ravaged by competition from neighboring states in recent years, and more specifically, recent months. New casinos in Pennsylvania, along with the addition of table games at Pennsylvania casinos, has been a recipe for disaster for the eleven AC casinos.

In October, revenue at the casinos equalled $284 million. That figure is down twelve percent from the same period in 2009. Not surprisingly, it was the table game revenue that took the biggest hit, dropping seventeen percent, to $84.6 million. Slot revenue was off by ten percent, at $199.4 million.

The table game decline can be directly attributed to the rise of the casino gaming industry in Pennsylvania. The casinos in the state have been running table games since the middle of the summer, and customers that normally patronize AC casinos have been curious about the new games in Pennsylvania.

Even Maryland has now moved into the casino industry, opening their first casino earlier this year. The combination of the competition and the economic recession has been lethal for casinos in New Jersey. Atlantic City was once considered to be the Las Vegas of the East Coast, but that no longer applies with many states now offering casino gambling.

Land-based casinos have always been opposed to online gambling regulations in the US, but their stances have changed dramatically in recent years. Harrah's Entertainment not only prepared for the possibility of Internet gambling, the company actually launched a couple of online casinos in jurisdictions where online gambling is currently regulated.

November 11, 2010
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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