Atlantic City casino revenue drops for 23rd straight month

Aug 11, 2010 8:41 AM

Atlantic City’s 11 casinos reported yet another drop in their combined monthly revenue, down 5% in July compared to the same month a year ago.

The slide represent 23 consecutive months of decline for the beleaguered gambling resort.

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The news wasn’t all bad as the Trump Taj Mahal (+7.1%) and Atlantic City Hilton (+2.1%) actually saw an increase in revenue.

The remaining casinos all saw a decline, with double digits falls recorded by the Resorts down a massive 19.3%, followed by Trump Plaza down 17.1%, the Trump Marina down 13.4% and Caesars down 10.3%.

The Tropicana’s revenue was down by 9.5%, while posting slightly lower falls were the Harrah’s Marina (-5.3%), Bally’s AC (-4.4%), Showboat (-3.1%), and the Borgata (-0.6%).

Compounding the worrying figures was the introduction of table games by competing casinos in nearby Pennsylvania, as well as a power plant failure affecting the business at the Trump Plaza Hotel and Caesars Atlantic City.

In total, Atlantic City’s casinos posted a win of $363.9 million in July, of which $252.9 million came from slot machines and  $111 million from table games. These figures represented a 5.2% fall in slot revenue and a 4.5% fall in table game revenues.

So far this year, the Atlantic City casinos have earned $2.14 billion or 7.9% less win than in 2009 figure.

New Jersey lawmakers are currently in the process of assessing a range of major changes designed to rescue Atlantic City’s casino industry.