Atlantic City Casino Income Down in September

Atlantic City Casino Income Down in SeptemberDespite the hopes that the opening of Atlantic City’s newest land based casino Revel would boost the gambling market in the city, revenue overall was down 12.10 per cent excluding revenue from Revel. When compared to gambling income in September 2011, the twelve land based casinos in Atlantic City have shown a decline of over 6 percent.
Since it opened officially in May of this year, the Revel casino resort remained, in September, at the same eight place ranking among the twelve Atlantic City casinos.
It took in almost 17 million dollars from gaming last month.The Revel casino resort overcame many obstacles in particular in the area of finance before it was completed. The beachfront casino resort which cost 2.4 billion dollars received about 300 million dollars in state tax incentives as well as the backing of the staate’s Governor Christie. The casino has almost 2 and a half thousand slot machines and also offers players table games such as blackjack, roulette, craps, baccarat and different types of poker. The luxurious resort has several retail outlets, 14 restaurants, swimming pools, a spa, theatres and night clubs.
It was hoped that high rollers would be attracted to Revel and so would contribute to growth in the city’s gambling market. This has not been the case so far and the casino resort’s high end luxury appears to be contributing to its slowness in attracting players. High hotel prices, the fact that it is a completely non- smoking casino whereas other casinos have some smoking areas and also a lack of lower priced restaurants have all been looked on as reasons for its lower than hoped for monthly revenue figures. Its income was down 15 percent when compared to August 2012.The New Jersey Division of Gaming Enforcement’s recently released figures showed Atlantic City’s income from gambling at 276 million dollars last month compared to income of 295 million in September 2011.
All of the city’s twelve casinos reported revenue losses apart from one, the Golden Nugget, which had an almost 8 per cent increase in revenue compared to last year. The largest decrease in revenue was at the Caesars Entertainment owned Bally’s Casino where income declined by just over 22 per cent. While Atlantic City’s land based casinos face competition from online gambling these declining revenue figures do not reflect the great hopes held for Revel as the city’s newest casino.

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