Atlantic City has released its casino results for November revealing a dramatic 27.9% decline in revenue to $176.6 million. Out of that total, slot revenue was down 27% to $126 million, while table games fell by 30% to $50.4 million.
Nevertheless, the greater than usual monthly slump in Atlantic City’s gambling revenue, which was the biggest in its 34 year history, was squarely blamed on Superstorm Sandy. The storm forced AC’s 12 casinos to batten down on October 28th with normal operations not resuming until November 5th. Consequently, October’s casino figures were also off by 19.9%, which was the previous record for the largest monthly drop.
Commenting on the situation, Revel CEO Kevin DeSanctis, said: “The storm has impacted business from the areas in New Jersey and New York that sustained major damage. Clearly, the visitation was impacted as those areas work to get their lives back to some type of normalcy. We are hopeful that as those areas recover, so will the visitation to Atlantic City.”
Amongst the chaos and disruption to business caused by Sandy were the cancellation of a number of conventions, conferences, trade shows, as well as entertainment events including concerts.
Consequently, all Atlantic City casinos suffered declining monthly revenue in November with Bally’s Atlantic City topping the list down 46% to $15.1m; followed by Tropicana Casino down 45.3% to $12.7m; Trump Plaza Hotel Casino down 43.2% to $4.9m and Showboat Casino Hotel down 42.3% to $11.5m.
Next, Caesars Atlantic City saw its revenue fall by 34.6% to $18.9m; Resorts Casino Hotel down by 34.6% to $7.2m; Revel down 33% to $6.2m; Trump Taj Mahal down 30% to $16.8m; and Harrah’s Resort down 28.5% to $23.6m.
Finally, the three casinos declining slightly less that its competitors were the Borgata Hotel Casino down 15% to $42.7m; Atlantic Club Casino Hotel down 10.6% to $7.5m; and Golden Nugget Atlantic City down 0.5% to $9.5m.
Overall, Atlantic City casino winnings are currently down by 7.9% to $2.8 billion for the first 11 months of 2012 compared to the same period last year.