Atlantic City Casino Revenue Up 13% To $314m In August

Atlantic City Casino Revenue Up 13% To $314m In AugustAtlantic City has just released its casino results for August revealing a 12.6% increase in revenue to $313.9 million. The latest figures represent the first monthly increase since December, 2011, with slot revenue up by 17% to $226.1 million, and table games up 3% to $87.8 million. Overall, Atlantic City casinos paid $21.3 million in taxes for August.
However, a major factor contributing to Atlantic City’s impressive monthly result was an easy comparison to August 2011 when Hurricane Irene hit the New Jersey resort, forcing a three-day shut down of its casinos and an estimated  $45 million loss in gambling revenue. If that amount was added to the $278.7 million it took in revenue that month, its tally would have been slightly ahead of its August 2012 result.
Another contributing factor was the addition of Atlantic City’s $2.4 billion casino called Revel, which pulled in an additional $20 million in revenue for August, a full 14.2% higher than its prior month. Since opening its doors in April, there has been the highest hopes that Revel would help revive the city’s beleaguered gambling industry but out of Atlantic City’s 12 casino hotels, Revel still only managed to achieve 8th spot overall for August. Nevertheless, Revel CEO Kevin DeSanctis appeared optimistic for the future and commenting on the casino’s August results, said: “It’s OK. It’s clearly not where we want to be..I don’t think one month is indicative of anything, but we’re continuing to see some progress.”
Posting increases in revenue for the month was Harrah’s Resort up 73% to $40.1m, Trump Taj Mahal up 38% to $31m, Golden Nugget up 21% to $13.1m, Showboat up 16% to $22m, Bally’s AC up 11% to $30m and Resorts up 3% to $13.1m.
On the other side of the coin, Tropicana was down 41% to $26m, Trump Plaza down 34% to $10.7m, Atlantic Club down 33% to $14.8m, Borgata down 25% to $55.3m and Caesars down 20% to $38m.
For the first 8 months of 2012, Atlantic City casinos have now won $2.2 billion, down 4.6% compared to the same period last year, with slot machines take down 2.5% and table games down 9.5%.

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