Atlantic City Casino Profits Fall 27% To $535 Million In 2010

admin, April 5, 2011 9:10 am

Atlantic City‘s gaming revenue has been in steady decline since peaking in 2006 at $5.2 billion and in 2010 had dramatically fallen to $3.57 billion.
The ongoing economic crisis and competition from neighbouring states has also continued to adversely affect Atlantic City’s casino profits, which declined by 27% to $534.9 million in 2010, compared with $729.7 million a year earlier.
Standing out from Atlantic City’s 11 casinos was the Tropicana Casino and Resort, which actually saw a rise in its operating profits for 2010, helped by its strategy of going after high-end table game players. 
The other casinos, however, saw their operating profits plummet for the year with the Borgata Hotel Casino & Spa down 15% to $174.7 million and Harrah’s Resort down 9% to $134.6 million.
However, The Hilton was the worse hit of all the casinos and actually posted  an $18.9 million operating loss in 2010, with the Resorts not far behind with an $18.6 million loss and the Trump Marina with an $8.3 million loss.
Despite overall remaining profitable, Atlantic City’s revenue stream is likely to continue falling with casino consulting firm Spectrum Gaming Group predicting a 40.8% drop in gaming revenue to $3.1 billion in 2011, down $2.13 billion from its 2006 peak.
In the meantime, helping to compound Atlantic City’s woes is competition from neighbouring states, especially Pennsylvania, which saw its gaming revenue soar 31% to $3 billion in 2010.
In addition, Spectrum Gaming Group said they believed excessive parking charges, tolls and gas amounting to around $30 per trip were negatively affecting the City as an attraction.
“Thirty dollars. In an industry that is usually denominated in billions of dollars, that lowly amount may make all the difference in coming months as Pennsylvania and New Jersey compete for customers,” commented the Spectrum Gaming Group.
Looking ahead, 2011 is now seen as a crucial year for Atlantic City to embrace innovations and revive its now ailing gambling industry.

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