Atlantic City's Casinos Showing Signs Of Recovery In April

After 19 consecutive months of falling revenue dating back from August 2008, Atlantic City’s casinos may finally be turning a corner after posting a lower than expected decline for April compared to the same period in 2009.
Atlantic City’s eleven casinos won $311.5 million, which was a decline of 0.7% from the April 2009 figure. Slot machine revenue fell 2.2% to $215.8 million, while table games dropped off nearly 3% to $95.6 million.
Out of the four casinos posting an increase in revenue for April, Harrah’s Resort Atlantic City was top of the list with a 13.3% rise to $41.5 million, followed by The Trump Taj Mahal Casino Resort up 6.6% to $34.4 million, and then the Borgata Hotel Casino & Spa up 2.4% to $56.1 million and Caesars Atlantic City up 2.4% to $36.3 million.
Leading the list of biggest fallers was the Atlantic City Hilton Casino Resort down 15.3% to $14.3 million, the Resorts Atlantic City down 14.2% to $13.9 million, Trump Marina Hotel Casino down 12.9% to $11.8 million, and Trump Plaza Hotel and Casino down 7.2% to $16.4 million.
Bally’s Atlantic City dropped 4.3% to $37.2 million, the Tropicana fell 3.6% to $24 million, and the Showboat Casino Hotel was down 3.2% to $25 million.
However, combined the 1% fall in casino revenue represents the lowest decline in 20 months and commenting on the figures casino analyst Cory Morowitz said:
“It’s an indication that the economy is coming out of its doldrums, and that’s a good thing for Atlantic City, regardless of what’s happening on our borders. It means Atlantic City seems to be nearing a level of equilibrium, but they still have a lot of work to do.”
Atlantic City has had to contend with increased competition from neighboring Pennsylvania since the state opened its two new casinos and nine new slot parlours. Now Atlantic City is faced with the imminent introduction of table games by Delaware and Pennsylvania this summer which is likely to further squeeze their profits.
In the meantime, President of the Tropicana Casino & Resort Mark Giannantonio was keen to strike an optimistic note while acknowledging the challenges ahead for Atlantic City.
“It’s really good to see that in April the market seemed to be stabilizing. That’s been the case over the past several months. But the months to come are going to be the real challenge as a result of table games in Delaware and Pennsylvania,” he said.

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