Atlantic city reports first decline in casino gambling revenue since 1978

[AlCzervik]

January 11, 2008
Revenues Fall at Most Atlantic City Casinos

By THE ASSOCIATED PRESS
ATLANTIC CITY (AP) — Atlantic City, the gambling resort which for years has known nothing but ever-increasing revenue, got a painful wake-up call in 2007.

Year-end figures released Thursday by the state Casino Control Commission show a 5.7 percent decrease in revenue from the previous year, the first decline since casino gambling began here in 1978.

All told, the city’s 11 casinos took in $4.92 billion, down from $5.21 billion in 2006. Only three casinos reported increases for the year.

The downturn was largely attributed to the opening of slots parlors in Pennsylvania and New York, which drew customers away from Atlantic City. A partial smoking ban did not help.

Slots revenue fell 8.9 percent in 2007, even as revenue from table games rose 3 percent.

“It was difficult, no doubt about it,” said Mark Juliano, chief executive of Trump Entertainment Resorts, which operates 3 of the city’s 11 casinos. Revenue fell at all three. “The real impact of ’07 was plain and simple: It was Pennsylvania.”

In December, the casinos’ overall revenue fell by 10.6 percent, led by another bad month at the Tropicana, whose owners lost their casino license that month after a year of poor performance.

The Tropicana was down 20.9 percent in December, and 12.1 percent for the year. About two dozen potential buyers have expressed interest in the Tropicana, which is expected to be sold by the end of April.

Caesars Atlantic City was the only casino that had what could be considered a good year in 2007, with its revenue up by 5.1 percent. Harrah’s Atlantic City showed a 2.1 percent increase, and the Borgata Hotel Casino and Spa, which routinely dominates the market here, showed an increase of just 1.6 percent for the year.
http://www.nytimes.com/2008/01/11/business/11casino.html?_r=1&ei=5088&en=13bc0d8cab52995b&ex=1357794000&oref=slogin&partner=rssnyt&emc=rss&pagewanted=print

[acmavm]

1. People can't gamble with what they don't have. And they don't

have jobs or money. Or health care. Or food. Or homes.

Idiots in this country better get real, it looks very ugly out there. Do the casino owners not understand that people have to work to be able to gamble?