Atlantic City Casino Revenue Down 9.5% To $263 Million In May

Atlantic City Casino Revenue Down 9.5% To $263 Million In MayAtlantic City has released its casino revenue figures for May, revealing a 9.5% decline in revenue to $263 million from $290.6 million for the same month last year.
Overall, Atlantic City slot machine revenue was down 9.3% to $186.9 million, while table games fell by 10.2% to $76.1 million. The figures are particularly worrying as during the same period neighboring Pennsylvania took $212.5 million on slots alone.
The disappointing latest gambling results were compounded by the fact that it was hoped the recently opened $2.4 billion 47-story Revel casino resort would help turn around the beleaguered city’s downward slide. However, after Revel took $13.4 million in April, May’s results were fairly static at $13.9 million and commenting on the situation, Wells Fargo Securities gambling analyst John Kempf said:
“Revel’s results came in weaker than expected. With the grand opening on Memorial Day weekend, we were expecting more of a robust performance.”
Apart from Revel registering a meager rise in revenue, the only other increase in revenue came from the Golden Nugget, which was up by almost 1%. The news was obviously not greeted with any great enthusiasm by the Golden Nugget’s General Manager Tom Pohlman, who said:
“There is nothing positive about gross gambling revenue being up 1 percent for the Golden Nugget when the entire city is down. After spending $150m on a complete renovation, to see AC is down 9.5 percent with the addition of Revel is very concerning.”
The worst performing casino was the Trump Plaza down 27% to $9.4m, followed by Bally’s Atlantic City down 23% to $26m and the Trump Taj Mahal Casino Resort down 22.4% to $25m. Other fallers included the Resorts Casino Hotel down 24% to $10.5m; The Atlantic Club down 21% to $10.7m; Showboat Casino Hotel down 17% to $18.9m; Caesars AC down 12.8% to $30.4m; Borgata Hotel Casino down 10.6% to $50m; Harrah’s AC down 6.6% to $34m; and the Tropicana Casino Resort down 2.1% to $22.9m.
For the first five months of 2012, Atlantic City’s 12 casinos have collected $1.3 billion in revenue, which is  7.6% down from the same period last year.

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