Atlantic City casino revenue drops in JanuaryFebruary 14, 2013 8:57 AM by Staff & Wire Reports
Revenue at Atlantic City’s casinos was down more than 13 percent in January compared with the same month a year ago.
It was an inauspicious start to what could be a seventh straight year of falling casino revenues in a market that used to be the nation’s second-largest but has since lost that title to Pennsylvania.
The city’s 12 casinos won $205.6 million from gamblers last month. Table games revenue fell by $5.1 million, to $67.1 million. Slot machine revenue fell by $26.2 million, to $138.5 million.
The slots numbers were affected by an $8.1 million decrease in promotional gambling credits that were wagered, which are a component of slot machine revenue totals.
Atlantic City’s casino revenue has fallen from a high of $5.2 billion in 2006 to just over $3 billion last year.
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A well-known Chicago anti-crime fighter has warned that if Illinois doesn’t move quickly to eliminate the unregulated so-called “Sweepstakes Cafes,” Illinois could become known as “the sucker state.”
A Florida developer who lost a bankruptcy court auction for the former Revel Casino Hotel in Atlantic City is now challenging the decision.
MGM Resorts International officials announced that the company plans to sell the Gold Strike Hotel & Gambling Hall to a company owned by members of the Herbst family.
Casino workers were in shock after learning that a judge had granted a request by Atlantic City’s Trump Taj Mahal to throw out their union contract.
The second fight over gambling in Massachusetts pits the companies who have already won the right to operate casinos against mostly local activists who object to casinos largely on moral and religious grounds.
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