Atlantic City Casinos on Pace for Worst Year in Two Decades
Bad news seems to be more and more common for Atlantic City casinos. The latest story involving the once-proud gaming hub is that Atlantic City casino revenue is headed for its worst year in over two decades.
The New Jersey Division of Gaming Enforcement released figures showing that the city’s 12 casinos are on pace to earn less than $3 billion. This hasn’t happened since 1991, some 22 years ago. After compiling June revenues, the Division of Gaming Enforcement announced that Atlantic City casinos had earned a collective $1.38 billion; this is down 10.7% from the previous year.
Despite many people vacationing in the summer, this hasn’t done much to help the gambling mecca’s cause. In June, the 12 casinos earned $240.2 million, which is a 12.6% decrease from June of 2012. Table games did particularly bad last month after earning $61.1 million, down 16.3% from the previous year.
Casino revenue decline has been nothing new for Atlantic City because it’s continually fallen from an all-time peak of $5.2 billion in 2006. In 2012, the city’s casinos managed to earn just over $3 billion and avoid the worst year in decades. However, if things don’t pick up soon, 2013 revenue is threatening to dip under $3 billion.
The Trump Plaza Hotel and Casino had a tough time after seeing a 23.6% revenue drop to $6.9 million in June. They recently tried to sell to a California company, but the deal fell through. The Revel suffered the second biggest decline in June after seeing casino earnings fall 22.6% to $11.5 million. Caesars Atlantic City (19.3% decrease to $25.7 million) and Bally’s (18.4% decline to $21.8 million) are a couple more casinos that’ll be hoping for better days in July.
With its ocean location and variety of casinos, Atlantic City used to be a prime travel destination for many Eastern Pennsylvania residents. However, new Pennsylvania casinos have now cut deeply into this fading revenue source.