November 11th, 2010 – by Glen Farmer
The free fall of revenue in Atlantic City has continued through October. The state’s casino gambling revenue fell another 12 percent in October.
According to the New Jersey Casino Control Commission, slot machines generated only $199.4 million on slot games. This represents a 10.3 percent fall from previous figures. Table games had also suffered. Table games won only $84.6 million in revenue, which represents a 16.6 percent decrease.
Competition from new casinos in Pennsylvania and Delaware, as well as their recent incorporation of table games, has been cited as a primary reason for declining revenue in the region.
The report also highlighted the fact that more people are spending money on hotels, meals, and entertainment rather than gambling. Regardless of how many games the neighboring states may add to their casinos, the resort and entertainment destinations in Atlantic City cannot be rivaled by games alone.
“Gaming revenues are down because of the increased competitive environment,” began Commission Chair Linda M. Kassekert. “But more people are spending the night in Atlantic City and they are spending more money on all the other things the casino hotels have to offer.”
The casinos paid roughly $20 million in taxes to the state of New Jersey.
With the possibility of the Casino Control Commission being overhauled, casinos in Atlantic City are looking forward to changes that could ultimately prove widely beneficial to the gaming environment in the state.