AC Casino Revenue Down 5.9% To $242.7 Million In February 2012March 12, 2012 1:47 pm
Atlantic City has released its casino figures for February, revealing a 5.9% fall in revenue to $242.7 million, compared to the same month last year.
Despite unseasonably warmer weather and an extra leap year day in the month, Atlantic City’s 11 casino hotels still failed to gain any traction, with slot machine revenue down 4.2% to $176.2 million, and table game revenue down by 10.3% to $66.5 million.
In total, just three casinos saw their revenues increase, with the Golden Nugget up almost 18%, the Borgata up 7.2% to $50.4 million and Harrah’s Resort up 4.4%. On the other hand, eight of Atlantic City’s casinos saw their revenues decline from between 28.6% (Atlantic Club) and 5% (Showboat).
In addition, the only casinos to experience higher growth in their slot revenue for February were the Golden Nugget, Caesars and Tropicana, although at the same time, Tropicana’s table games revenue dropped by a massive 118% to record a $1 million loss for the month.
However, slot machines account for 70 percent of Atlantic City’s total gaming revenue and commenting on the figures, Tropicana’s CEO Tony Rodio said:
“We’re the only property in Atlantic City to have slot growth in the past six straight months. We continue to grow the slots business. That’s the health of the property.”
Atlantic City’s overall poor gambling results are being blamed on increased competition from neighbouring states, including Pennsylvania, which saw its slots revenue increase by 9% last month. Furthermore, analysts are not predicting any major changes to Atlantic City’s plight until after the opening of its $2.4 billion Revel on the Boardwalk 47-story megacasino on April 2nd.
Commenting on the development, Caesars Entertainment Eastern division president Don Marrandino, said:
“In April, Atlantic City will have the national spotlight on it. We are incredibly hopeful ..coupled with the new dining options and world-class concerts, will help drive visitors to Atlantic City. We’re very optimistic.”