AC casinos post revenue decline in January

Feb 11, 2009 7:27 PM
Staff & Wire Reports |

Casino revenues in Atlantic City continued its downward slide as revenues dropped 9.4 percent in January compared to the same month a year ago.

Gambling proceeds slipped to $321.4 million for the city’s 11 casinos. Table game revenue fell 9.1 percent to $109.8 million while slot machine revenue slid 9.6 percent to $211.6 million.

Atlantic City is coming off a 2008 in which gaming revenue tumbled 7.6 percent, its worst ever annual decline, which followed a 5.7 percent drop-off in 2007.

In addition to the effects of a slumping economy, Atlantic City has been hit hard by competition from slot parlors in nearby Pennsylvania and New York.

To help stimulate business, Atlantic City’s city council postponed a smoking ban that would have further cut into the casinos’ bottom line.

Also, Harrah’s, Boyd Gaming and MGM Mirage last month began an express weekend train connecting Manhattan’s Penn Station to Atlantic City, which is ordinarily a two-hour car ride.

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