Another year, another news story revealing Atlantic City down on gaming revenue. It looks like the start to 2013 was not an auspicious one for the struggling casinos of the New Jersey city, where last year saw revenue fall, fall, and fall again month after month. It seems as though revenue has still not recovered from the hit that Hurricane Sandy delivered, and there is a certain risk that for some venues it may not rise again in time.
Revenue in January fell by thirteen point two per cent in January 2013 compared to January 2012, and as usual there has been one big loser in all of this – the newest venue in the city, Revel, which has already had to beg for more money from creditors twice in the past year. It was seen as a potential catalyst to bring Atlantic City back to form when it opened, but it has just suffered its second worst month since opening, and it looks as though this could be the beginning of the seventh straight year of falling revenues for the city. It looks like players just are not as interested in playing slot machine games in the area as they used to be, and something needs to change if there is to be any improvement.
Revel took in less than $8 million last month, which can only be beaten by their poor performance of $6.2 million in November, during a time when they were closed for several days thanks to Sandy. In comparison, other venues in the city managed the following revenue totals last month: the Atlantic Club, which is in the process of being bought by the PokerStars parent company, was up from last year to $9 million; the Trump Plaza Hotel and Casino saw a drop of more than forty per cent to just $4.8 million; Bally’s Atlantic City dropped twenty nine per cent to $17.6 million; Harrah’s Resort Atlantic City was down at $26.6 million; Caesars took in $23.2 million; the Trump Taj Mahal made $19.2 million; Showboat managed $13.6 million; Resorts Casino Hotel took in $8.1 million; and the Borgata led the field at $47.1 million. Tropicana dropped very little at $18.2 million, and the Golden Nugget saw virtually no change at $9.6 million.