ATLANTIC CITY AUGUST REVENUES SLIDE 11.3 PERCENT
15th September, 2010 at 10:34:47
Competition from Pennsylvania hammers New Jersey's gambling mecca
August has been another dreadful month for Atlantic City land casinos, with official figures showing a decline in revenues of 11.3% – mainly due to competition from the newly opened table games in neighbouring Pennsylvania.
According to Associated Press reports, the shore resort's 11 casinos took in $347.5 million in August, down from $391.7 million in August 2009.
Slots generated $245.1 million, down 11.3 percent, and table games accounted for $102.4 million, down 11.4% from a year ago.
For the first eight months of the year, the casinos won $2.5 billion, down 8.4% from the same period in 2009.
New Jersey governor Chris Christie has proposed ending state subsidies for horse tracks and opposes letting them install slot machines as tracks in other states have done, and has some radical ideas on state intervention (see previous reports).
The struggling casinos back the governor, vehemently opposing racetrack slots and arguing they can't absorb an even further revenue loss.
All 11 casinos saw their revenues fall in August.
Related News Tags: Land Casinos, Atlantic City, New Jersey