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Atlantic City Casinos Heading for Worst Year in Two Decades

This year is shaping up to be the worst for the Atlantic City casino sector within the last 22 years.

Figures released Wednesday by the state Division of Gaming Enforcement show the city’s 12 casinos are on a pace that would see them take in less than $3 billion from gamblers for the initial time considering that 1991.

For the first six months in the year, the casinos won $1.38 billion, down ten.7 % in the very same period last year.

The casinos’ revenue fell 12.six percent in June, to $240.two million, and every single one in the casinos posted a monthly revenue decline.

Table games income was $61.1 million, down 16.three % from a year ago, though slot revenue was $179.1 million, down 11.two percent from final June.

Whilst a great performance within the prime months of July and August could nonetheless enhance the market previous the $3 billion mark by the finish in the year, the first-half numbers are concerning. Final year, Atlantic City’s casinos took in just over $3 billion, down from a higher of $5.two billion in 2006.

That was just before Pennsylvania started opening the casinos that have badly cut into Atlantic City’s company.

Trump Plaza Hotel and Casino, which was struggling even prior to a proposed sale to a California company fell through this year, had the greatest drop, a 23.six % reduce to $6.9 million for the month.

The formerly smoke-free Revel Casino-Hotel didn’t get considerably of a bounce from its initially complete month of letting gamblers smoke. It was down 22.6 percent to $11.5 million. Caesars Atlantic City was down 19.3 percent to $25.7 million; Bally’s Atlantic City was down 18.four % to $21.eight million; and the Showboat Casino Hotel was down 17.7 percent to $16.9 million.

The Trump Taj Mahal Casino Resort was down 15.1 % to $21.7 million; Harrah’s Resort Atlantic City was down 9.five % to $30.1 million; the Borgata Hotel Casino & Spa was down eight.9 % to $48.five million; and the Tropicana Casino and Resort was down 5.5 % to $21 million.

The Golden Nugget Atlantic City was down five.2 % to $10.six million; the Atlantic Club Casino Hotel was down 4.8 % to $13 million; and Resorts Casino Hotel, buoyed by its new Margaritaville complex, was down half of 1 % for the month, to $12 million.

The Atlantic Club is locked in a bitter battle with the parent organization of the PokerStars gambling website, which had agreed to buy the casino last winter for the fire-sale price of $15 million. The casino canceled the deal this year and has been improving its financial overall performance after having been nursed through the slow winter months by $11 million in payments in the Rational Group, its would-be buyer.

PokerStars has since paired with Resorts to offer Internet gambling once it becomes legal in New Jersey this year.

“We are extremely pleased with June’s performance,” said Michael Frawley, the Atlantic Club’s chief operating officer. “The Atlantic Club continues to significantly outperform the Atlantic City market and our prior-year profitability numbers. The ‘best deal’ in Atlantic City continues to resonate with our guests and our year-to-date results are clear evidence of that.”

The calendar was not a friend to the casinos last month; June 2013 had one fewer Friday than did June 2012. Nor was the weather – it rained 15 out of 30 days in June.

 
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