Atlantic City’s casinos still are not playing “Back In Black” more than their loudspeakers, however the decline in their revenue slowed substantially in Could.
And that is what passes for good news today within a market nevertheless struggling to seek out its footing immediately after becoming bludgeoned by new competition, a recession along with a devastating storm.
The city’s casinos won greater than $253.1 million last month, down three.eight % compared using a year ago. The figure is far much less than the double-digit declines the casinos registered in the initial 4 months of this year.
“I’ve mentioned to get a whilst now that the largest challenge of ours has been Sandy-related, and after we put Sandy in our rear-view mirror, we’ll get a significantly greater picture of where we are as a marketplace,” stated Tony Rodio, president on the Tropicana Casino and Resort and head in the Casino Association of New Jersey, the industry’s trade association. He was speaking of Superstorm Sandy, which made landfall just north of Atlantic City on Oct. 29 and brought on tens of billions of dollars’ worth of harm.
Despite the fact that the casinos themselves have been virtually unharmed, the storm forced them to close for any week, and several of Atlantic City’s primary feeder markets in New Jersey and New York suffered harm that nevertheless has not fully been repaired, producing individuals less likely to gamble.
“I assume it’s a basic stabilization of the industry,” Rodio said of May’s figures. “If we can maintain the low-percentage declines and get close to even as we enter the vital summer time months, that would be a constructive indicator.”
It was indisputably the best month with the year for the casinos. January saw a 13.7 decline, followed by plunges of 12.five % in February, 10.5 percent in March and 12.1 percent in April.
For the initial five months on the year, the casinos have taken in $1.138 billion, down 10.4 percent from the similar period in 2012.
Slot machines took in practically $180 million in May, down three.7 percent from a year ago. Table games revenue was just more than $73 million, down almost four % from a year ago.
Four with the 12 casinos posted revenue increases, led by The Atlantic Club Casino Hotel, which was up 24.5 percent to $13.3 million. Resorts Casino Hotel, which opened its Jimmy Buffett-themed Margaritaville entertainment complex last month, was up 20 % to $12.6 million.
“We’re actually pleased with how it really is working out,” said Resorts president mark Giannantonio. “A large amount of prospects we’re seeing for the initial time. They come for 1 on the themed attractions and wind up spending some revenue around the casino floor, too. That is certainly definitely happening.”
Caesars Atlantic City was up 6.9 percent to $32.five million, along with the Borgata Hotel Casino & Spa was up four.8 percent to $52.four million, the highest revenue total inside the city.
Trump Plaza Hotel and Casino, which was supposed to change hands last month before a deal to sell it to a California company fell through, saw the greatest decline. It was down 27.1 % to $6.9 million. Revel, which emerged from bankruptcy final month, was down 19.6 percent to $11.2 million. But that was nevertheless the very best month Revel posted since September 2012, when it won $16.eight million.
The Golden Nugget Atlantic City was down 11.six percent to $9.five million; Bally’s Atlantic City was down 11 percent to $23.1 million; and also the Showboat Casino Hotel was down 10.9 percent to $16.8 million.
The Trump Taj Mahal Casino Resort was down ten.7 percent to $22.three million; the Tropicana was down 9.2 percent to $20.8 million; and Harrah’s Resort Atlantic City was down eight.five % to $31.1 million.
New Jersey’s casino income has been steadily declining since the very first casino opened in neighboring Pennsylvania in Nov. 2006. Back then, Atlantic City’s casino income reached a high of $5.2 billion. It has since fallen to just more than $3 billion last year, due in large part to casinos popping up in neighboring states.
The New Jersey Division of Gaming Enforcement said slot revenue was hurt in part by a $2 million reduction in the amount of promotional gambling credits that were wagered by casino customers in May possibly compared with a year ago.
The casinos paid $18.2 million in state taxes on their gross revenues in May possibly, down 0.4 % compared with May 2012.