May casino revenues down 9 percent in Atlantic City, dashing hopes for comeback

May casino revenues down 9 pct in Atlantic City

ATLANTIC CITY, N.J. — So much for the comeback.

Atlantic City’s 11 casinos saw their revenue fall by 9 percent in May compared with a year ago.

The drop was disappointing in the nation’s second-largest gambling market, where April’s figures were almost at the break-even point.

Atlantic City is mired in a 3 1/2-year revenue slump that started when the first slots parlors opened outside Philadelphia in late 2006. There are now nine.

The casinos took in $319.7 million in May. Of that, $225.6 million came from slots, a decline of 8.5 percent, and $94 million at table games, down 10.2 percent.

All 11 casinos reported revenue declines in May, ranging from nearly 21 percent at the Atlantic City Hilton Casino Resort, to nearly 5 percent at the Borgata Hotel Casino & Spa.

Resorts Atlantic City, which is still seeking a buyer after handing over the keys to its lenders in December, was down 12.8 percent; Caesars Atlantic City was down 11.5 percent; and the perpetually-for-sale Trump Marina Hotel Casino was down 10.9 percent.

The Tropicana Casino and Resort was down 9.5 percent, the Trump Taj Mahal Casino Resort was down 9.3 percent, and Harrah’s Resort Atlantic City was down 8.9 percent.

Bally’s Atlantic City was down 7.7 percent, Trump Plaza Hotel and Casino was down 6.8 percent, and the Showboat Casino Hotel was down 6.7 percent.

So far this year, the casinos have won $1.49 billion, down 7.9 percent from the same period in 2009.

And the hard times aren’t expected to get better anytime soon. Next month, Pennsylvania slots parlors are expected to begin offering table games, and competing more directly than ever with Atlantic City.