The 11 casinos located in Atlantic City together recorded income for the month of July 5 percent lower than the same month last year. July had always been one of the most profitable months in the history of casinos but these results which was unexpected now makes it 23 months in a row in which the city’s gambling industry has been in decline.
Making matters worse in Atlantic City which has the biggest gambling industry in the US after Las Vegas is the fact that two of the casinos actually recorded an increase in income. The Trump Taj Mahal recorded 7.1 percent revenue while the Atlantic City Hilton also had a 2.1 percent increase in income.
The rest of the casinos also had a lower income with many of them achieving significant losses. The Resorts had a 19.3 % decline whilst The Trump Plaza declined by 17.1%. The Trump Marina and Caesars declined by 13.4 percent and 10.3 percent respectively.
The Tropicana achieved revenue of 9.5 percent less while the Hannah’s Marina also declined by 5.3 percent. Bally’s AC, Showboat and The Borgata declined by 5.3, 3.1 and 0.6 percents respectively.
Another major problem is Pennsylvania has also started operation of casinos in the state and also power problems that affected the Trump Plaza and Caesars Atlantic City.
Overall, the city’s casinos received revenue of $363.9 million in July and $252.9 million of that amount was received from slot machines while $111 million was received from table games. This means slot revenue fell by 5.2 percent while table game revenue fell by 4.5 percent.
Stever Schwartz, a betting expert said casinos in Pennsylvania were really competing with casinos in Atlantic City and the Pennsylvania casinos achieved higher revenue in slot machines than the Atlantic City ones last December. The competition could be higher in a few years.
Atlantic City casinos have earned 7.9 percent lower in the course of the year than last year at a total of $2.14 billion. Senators in Atlantic City are presently looking at ways to restore the casino industry to its former glory.
