Atlantic City Casinos Down 6% To $2.86bn In 2013

Atlantic City Casinos Down 6% To $2.86bn In 2013The New Jersey Division of Gaming Enforcement has released its annual figures for 2013, revealing a 6% fall in revenues to $2.86 billion, down from $3 billion a year earlier.
The worrying results mark seven years of consecutive decline for Atlantic City’s beleaguered casino market, and also the lowest annual total since 1989, when the state generated $2.8 billion in gambling revenue. New Jersey’s gambling revenue then peaked at $5.2 billion in 2006, but has been steadily declining ever since.
Commenting on AC’s 2013 figures, Tropicana Casino and Resort president Tony Rodio, said: “Obviously it’s disappointing to see another year where it’s a decline. But hopefully with the addition of Internet gambling, I think you’re going to see an increase in 2014.”
Breaking Atlantic City’s 2013 casino results down further, table games accounted for $798 million of total revenue, down 7% compared to 2012, while slot machines generated $2.1 billion, a 6% decline from the previous year.
In addition, 9 of the Atlantic city’s 12 casinos reported revenue losses compared to the previous year, with the Atlantic Club Casino Hotel eventually going bankrupt, leaving AC now with just 11 casinos.
Posting the biggest growth in revenue was Revel Casino Hotel up 27% to $155 million; followed by the now non-existent Atlantic Club, up 11.6% to $142 million; and The Borgata up less than 1% to $616 million.
On the other side of the coin, posting the biggest decline was the Trump Plaza, down 28% to $74 million; Bally’s Atlantic City down 17.4% to $244 million; the Showboat Casino Hotel down 14.3% to $193 million; the Taj Mahal down 12% to $260 million; and Harrah’s Resort Atlantic City down nearly 11%.
Also reporting declines was the Tropicana down 8.8% to $228 million; Caesars Atlantic City down 6.2% to $336 million; the Golden Nugget Atlantic City down 4.3% to $125 million; while the Resorts Casino Hotel remained virtually unchanged from the previous year with $131 million in revenue.
As mentioned, online poker does offer some optimism for the future of Atlantic City, and thus far The Borgata, along with its online partner Party Poker, have raked in around $3.7 million in internet gambling revenue since the first wager was made on November 21st. Other competitors include Caesars Interactive, which generated nearly $2.4 million online; The Trump Taj Mahal Casino Resort ( $883k); The Tropicana Casino and Resort ($748k); Trump Plaza Hotel Casino ($427k), and the Golden Nugget ($179k).

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