Atlantic City Casino Revenues Drop by 9% in May 2010
Casinos in Atlantic City were hoping that after a stable performance in April 2010, they were slowly climbing their way back to recovery. But that belief was short-lived as gaming revenue results in May 2010 showed a significant revenue drop once again. It was not the results casinos expected going into the summer months.
In May 2010, gambling revenue dropped at Atlantic City casinos by 9% over the same time in 2009. Slot machine gaming continued to support the casinos, with a total of $225.6 million dollars won from slot machines. Casino table games revenue was $94 million dollars, down by 10% from May 2009. The slot machine revenue was down by more than 8% and the overall gaming revenue for the month was $319.7 million dollars.
The Eastern Division President of Harrah's Entertainment, Don Marrandino, said on June 13th, 2010 that in April 2010, they really felt hopeful about how things are going. He said that they are very disappointed with the results for May 2010. The drop in Atlantic City casinos gaming revenues could not come at a bad time.
Gaming competition from the neighboring states of New Jersey is increasing and New Jersey is facing the possibility of dropping behind the state of Pennsylvania in overall casino gaming earnings. Casino facilities in Pennsylvania are performing well since December 2009 and they will receive additional gaming boost in a few weeks.
State legislators approved casino table games at Pennsylvania's gaming facilities in January 2010 and all of state casinos are expected to launch the new games in the July 2010.
Atlantic City and Las Vegas are cities where casino gaming was always an important revenue source but the financial crisis has affected the gaming industry in New Jersey and Nevada.
But unlike New Jersey, Nevada will receive a boost in June and July from the 2010 World Series of Poker, which will attract thousands of gamers in Las Vegas.
07/14/2010 14:06 PM
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