Atlantic City Revenues on the Decline

It appears that for the first time in 29 years, Atlantic City casinos will be seeing a decline in annual revenues. This is an unfortunate turn for a true gem of the casino world. Let's hope that his downturn is only temporary.

Newsday.com has the story:

The leaves are falling, and so are revenues at Atlantic City's 11 casinos, which continue to see their profitable slots customers flee to Pennsylvania and New York.

The gambling halls took in $384.4 million in October, a 7.5 percent decline from the October 2006.

Slots revenues were $270.3 million, a decrease of 12.6 percent over a year ago. It matched the worst month of the year so far for slots here, along with September, which was also down 12.6 percent.

Revenue from table games was $114.1 million, an increase of 7.3 percent over a year ago.

Since the first slots parlor opened in the Philadelphia area last December, customers who once had no closer alternative than Atlantic City began deserting this resort for slot machines closer to home.

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