Update on AC Casino Revenue
Atlantic City, as a whole, suffered in the year 2009 because of the tough economy across the country, but it really suffered in the gambling industry as each casino saw a decline in revenue. There is some good news out of Atlantic City though in terms of revenue reports. The month of March saw only a small decline in revenue for the casinos after double digit declines in revenue over a span of a couple of months. The revenue for the casinos fell just 5.6 percent in the month of March for 2010. The casinos saw a revenue of $300.8 million in March of 2010 compared to $318.4 million in March of 2009. The only casino in the city with higher revenue was Harrah’s, according to a report released by the New Jersey Casino Control Commission.
The first three months of 2010 has seen a decline in revenue of the casinos by 9.9 percent, down to $856.5 million. If revenue continues to decline in 2010, it will mark the fourth straight year that revenue has declined for an entire year in the gambling city on the East Coast. The last month where Atlantic City posted a higher monthly revenue was in August of 2008. In three of the previous four months, revenue declined on a monthly basis in Atlantic City casinos, before the results for March were released. Experts believe that driving rain in March and the massive snowstorms in February kept gamblers away from the city, damaging the revenue. The chairman of Morowitz Gaming Advisors LLC, Cory H. Morowitz, had the following to say:
“I think that when we’re still in a period of decline, it’s too early to say we’re having any turnaround. I think there has been some impact from the weather in the first quarter. Anytime there is rain or snow, people will not travel to Atlantic City. They will stay closer to home.”
President of Bally’s; Caesar’s; Harrah’s Resort and Showboat casinos, Don Marrandino, had the following to say about the revenue reports:
“I feel pretty darn good. I think we’re turning the corner here. Obviously, that hurt us, the Boardwalk and everything else. I’ll take rain over snow any day, but it didn’t help.”
Harrah’s recorded a revenue increase, the only casino with an increase in the city, of 4.9 percent to $38.9 million. The revenue declines at the other casinos were below the industry’s average.
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