Atlantic City casinos revenues fell by 13.4 percent in November
By APThursday, December 10, 2009
AC casinos again see double-digit revenue decline
ATLANTIC CITY, N.J. — The decline in Atlantic City casino revenues returned to double digits in November, dampening hopes that the worst is over for the city’s struggling gambling industry.
Revenues for the city’s 11 casinos fell by 13.4 percent in November compared to a year ago.
The previous two months had seen only single-digit decreases, and casino operators in the nation’s second-largest gambling market had hoped that another decline of less than 10 percent would signal that the market had hit bottom.
Overall, the casinos won $299.3 million. Slots revenue accounted for $206.8 million of that total, table games the rest.
The Atlantic City casinos have been battered by the recession and competition from slots parlors in neighboring Pennsylvania, New York and Delaware. Having one less Saturday during November this year also hurt, but only slightly
“There’s no sugar coating it,” said Joe Weinert, senior vice president of Spectrum Gaming Group, a New Jersey casino consulting firm. “It’s another poor result for the Atlantic City casinos.”
While the results may fluctuate on a month-to-month basis, there’s more pain in store for Atlantic City in the year ahead, Weinert said, because still more competition is coming. He noted the scheduled opening of the Sugar House casino in Philadelphia and live table games likely to begin operating in Delaware and possibly also in Pennsylvania.
None of the 11 Atlantic City casinos saw an increase in revenue in November. Showboat Casino Hotel showed the smallest decrease, 1.9 percent.
Trump Plaza Hotel and Casino saw the largest decline, 25.8 percent, followed closely by Caesars Atlantic City (down 23.1 percent), Resorts Atlantic City (down 21.4 percent) and the Atlantic City Hilton (down 20.7 percent).
Others showing double-digit declines were Trump Marina Hotel Casino (down 19.7 percent), Bally’s Atlantic City (down 15.2 percent), Trump Taj Mahal Casino Resort (down 13.3 percent) and Tropicana Casino and Resort (down 10 percent).
Only three casinos showed single-digit decreases: Showboat, the Borgata Hotel Casino & Spa (down 8 percent), and Harrah’s Atlantic City (down 3.9 percent).
For the first 11 months of the year, casino revenues are down 13.5 percent compared to 2008.
(This version CORRECTS that none of casinos had revenue increase in November, and the amounts of decrease for each casino.)
