Atlantic City Casino Revenue Down 8% To $262m In October 2011

Atlantic City Casino Revenue Down 8% To $262m In October 2011Atlantic City has posted its casino gambling figures for October revealing an 8% fall in revenue to $262 million, down from the $284 million it collected in October last year.
Atlantic City’s 11 casinos have now recorded a comparative yoy monthly decline in revenue for 38th consecutive month, with the last increase in revenue back in August 2008.
The East Coast gambling resort was at its peak popularity in 2006 when its yearly revenue hit $5.2 billion, but has been declining ever since with revenue falling to $3.57 billion in 2010.
Reasons for the decline in the USA’ second-biggest casino market include the global recession, as well as increased competition from neighbouring states such as Pennsylvania. 
Overall, Atlantic City’s casinos have now seen a 9% decline in their net revenue for Q3 2011 to $933.8 million, with gross operating profits reduced to $182.1 million for the whole of Q3 2011, compared to $209.8 million in Q3 2010.
Bucking the disappointing trend was The Tropicana Casino and Resort which saw its gross operating profit increase by 17.2% to $16.7 million in Q3. Commenting on the figures, Tropicana president Tony Rodio said:
“I couldn’t be happier about it. When you consider we were closed for a summer weekend due to a hurricane, to have this kind of number, I’m very proud of the team.”
Also, the Trump Plaza Hotel and Casino operating profit for Q3 increased by 284% to $3.5 million and the Golden Nugget Atlantic City increased by 780% to nearly $2.2 million.
The other casinos were not so fortunate, though, with the worst performers the Resorts Casino Hotel, whose gross operating profit was down 70% to a loss of nearly $5 million in Q3. The ACH (Atlantic City Hilton) also recorded a loss of $2.4 million,
Experiencing reduced profits were Bally’s Atlantic City down 31.1% to $17.1 million profit; the Borgata Hotel Casino & Spa’s down 7.9% to $51.4 million; Caesars Atlantic City down 3% to $28 million; Harrah’s Resort Atlantic City down 27.7% to $33 million; The Showboat Casino Hotel’ down 10.6% to $16.7 million, and The Trump Taj Mahal Casino Resort down 26% to $20.5 million.

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