Posted Monday, September 13, 2010 09:25 AM
The casino industry's summer slump continued in August, with gaming revenue plunging by double digits amid the sluggish economy and even tougher competition from Pennsylvania.
Altogether, Atlantic City's 11 casino hotels took in $347.5 million from the slot machines and table games, an 11.3 percent decline from the $391.7 million in August 2009, the New Jersey Casino Control Commission reported Friday.
August's results reinforced just how challenging the summer season has been in the resort town. Gaming revenue tumbled 11.1 percent in June and fell 5 percent in July. Atlantic City's string of revenue declines has now stretched to 24 straight months, reflecting the weak economy and the growth of gambling in Pennsylvania.
Although Pennsylvania has been surging, the formerly recession-resistant gambling industry has suffered in other jurisdictions. Nevada, a month behind Atlantic City in reporting its casino revenue, was down nearly 5 percent in July. Slot revenue at Delaware's three racetrack casinos fell almost 5 percent in August, while slot winnings at the two Indian-owned casinos in Connecticut were up just 1.5 percent in July.
A lighter entertainment schedule in August was one factor contributing to Atlantic City's lower revenue, according to the Gaming Industry Observer newsletter. The newsletter said there were 50 entertainment events at the casinos this August compared to 57 during the same month last year.
On top of everything else, ... [More]
Posted Saturday, September 11, 2010 11:17 AM
They will be lucky to get $200 Million for that thing. Been there a few times...it's just too far away from the other casinos.
Posted Tuesday, June 08, 2010 11:14 PM
Two casinos agreed to pay fines today after it was discovered they were not playing with a full deck.
The New Jersey Casino Control Commission slapped Bally's Atlantic City with an $18,000 fine and Showboat Casino Hotel had to pay a $10,000 penalty. Neither casino contested the fines.
In Bally's case, a missing 7 of diamonds during games of blackjack left the casino short of a 52-card deck for nearly eight hours on April 29, 2009. Bally's staff ignored a warning light on an automatic shuffling machine that indicated a card was missing, believing there was a full deck instead.
At Showboat, a 3 of hearts got stuck in a shuffling machine at a poker table for Texas Hold ‘Em, but the missing card went undetected for about four hours on Sept. 24, 2008.
Although both casinos were fined, the commission said neither knew that a card was missing and that both have since taken steps to prevent the problem from happening again.