Revenues Keep Dropping In Atlantic City Casinos

Revenues Keep Dropping In Atlantic City

August 10, 2011 2:16 PM

Atlantic City, NJ (file / credit: AP)

Reporting Levon Putney

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Business, Heard On 1010 WINS, WCBS, WFAN, Local, News, NJ News, Syndicated Local, Watch + Listen

ATLANTIC CITY, NJ (WCBS 880) - Atlantic City‘s casinos are on a streak, but unfortunately, it’s anything but hot.

WCBS 880′s Levon Putney Cashes In

Revenues have been down for 34 straight months, but experts say the almost three-year long streak could be broken soon.

“I think what’s going to happen, it’s going to get to a point where it’s just going to level out,” says gaming consultant Frank Catania, who works with lawmakers and casinos worldwide. “This is the summer time. This is the best for Atlantic City because of the attraction of the beach and everything else. The issue is what’s going to happen after that.”

Revenues were close to breaking even in June compared to a year before, except for a gambler who won $8 million.

“I don’t think they’re getting better because of the competition. Competition is still out there from all the neighboring states,” says Catania. “You’ve got Pennsylvania, you’ve got Delaware, you’ve got all the surrounding states doing a lot more than what New Jersey’s doing.”

That’s why he thinks the 11 casinos in New Jersey would profit more by expanding into the Meadowlands and with online gaming.

But Catania also says the Revel Casino opening next year will bring a spike in revenue.

Share your thoughts below in our comments section..

lydiass

Casinos are popping up all over PA and now NY is considering them as well. With the economy as it is I would expect less people willing to gamble as wellI am a 26 years old nurse, young and beautiful. Now I am seeking an older gentle man who can give me real love , so i got a username Annababe2011 on—a’ge’l'es’s'da’te. C óM—it is the first and best club for y’ounger women and older men, or older women and younger men,to int’eract with each other. Maybe you wanna ch’eck it out or tell your friends.
Truth

Even though I live in New Jersey, I would rather go to Vegas than Atlantic City. I can get a free rooms and food in Vegas. I don’t gamble often but when I do gamble it’s at least more than 5-10 grand. That isn’t enough for Atlantic City and it always feels like the staff is doing you a favor when they comp you a meal. Vegas hotels are willing to give you all this extra comps so I wind up gambling more. I would rather hop on a plane and go to Vegas than AC when I have that itchy feeling to gamble.

KPMc

If you have 5-10 grand to blow on gambling you are truly blessed. I hope I don’t see you here complaining about taxes, subway fares or health insurance premiums because you obviously have those covered rather well.

Concern

Charity Search Engines
ck

I was stuck living in AC for 2 years. Nasty, nasty place. Someone should demolish the town (including the casinos) and just start over.
Michael Boyd

It wiould be great if I could find ways to make THEM completely broke FOREVER! Send them packing. Never to be in business again. Including hotels.
Lynne

They’re not “comping” hotel rooms like they used to. I’ll go to Empire City before I drive 3+ hours down the state to pay $200- for a tiny hotel room so I can sleep after playing some slots.

I’m happy to lose it gambling — but I’m not paying that much for a room — so gas and traffic mean I stay in NY.
Lynn Rose

i go on my birthday every year .i noticed there is a lot of people there
diver

They will all go bust. Casinos are popping up all over PA and now NY is considering them as well. With the economy as it is I would expect less people willing to gamble as well. It’s not just Atlantic city & Vegas any longer.