There would appear to be no end in sight for Atlantic City’s beleaguered gaming industry, after its 11 casinos posted another drop in their combined monthly revenue, down 11.1% in June compared to the same month a year earlier.
The latest gambling revenue figures now represent 22 consecutive months of decline for Atlantic City, whose financial woes have been further compounded by neighbouring Pennsylvania and Delaware’s decision to expand their casino, slot parlour and table game operations.
In total, Atlantic City’s casinos posted a win of $286.8 million in June, of which $206.9 million came from slot machines and $79.9 million from table games. These figures revealed a 9% drop in slot revenue and a massive 16.2% fall in table game revenues.
Out of the 11 casinos in the city, only the Trump Marina Hotel Casino saw an increase in its revenue, albeit a tiny one of just 1.3%.
Conversely, showing double digit falls in revenue were the Resorts Atlantic City down 20%, Caesars Atlantic City down 17.8%, the Trump Taj Mahal Casino Resort down 13.5%, Trump Plaza Hotel and Casino down 13.2%, Harrah’s Resort Atlantic City down 13%, the Showboat Casino Hotel down 12.4%, and the Borgata Hotel Casino & Spa down 11.7%.
Posting slightly lower decreases in revenue were the Atlantic City Hilton Casino Resort down 7.7%, the Tropicana Casino and Resort down 5.9% and Bally’s Atlantic City down 3.2%.
Commenting on the worrying revenue figures for June, Gaming Analyst Steve Schwartz struck a rather pessimistic note when he said:
“It is likely that we have seen the end of the AC dominance in casino gaming. With so much competition on the horizon, it will be nearly impossible to ever reach the revenue figures that the city saw during its heyday.”
Atlantic City’s casinos have now collected $1.77 billion in revenue for the first half of 2010, which is a full 8% down on last year’s figures.