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