Atlantic City Casinos Suffer Lost Revenue in Wake of IreneCasinos Reopen Monday after Minimal Structural Damage |
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Hurricane Irene, which struck the east coast this past weekend and forced the closing of 11 casinos in Atlantic City amidst mandatory evacuations, will cost the city’s gaming industry millions, according to the Philadelphia Inquirer.
All of the casinos were shut down by 8 p.m. Friday, and consequently suffered what is being dubbed as a “lost weekend.” For comparison, a three-day shutdown of the city’s brick-and-mortar operations in the summer of 2006 because of a state budget crisis cost the casinos about $50 million in expected revenue. The closings this past weekend mark only the third time in the city’s history that all casino doors were shut concurrently.
Tropicana CEO Tony Rodio told the Press of Atlantic City that Irene cost his business about $4 million, and CEO of Resorts on the Boardwalk, Dennis Gomes, reported zero damage but said that his casino missed out on about $3 million in revenue over the three-day period.
The second largest gaming market in the United States began the process of reopening Monday afternoon without significant structural damage, thanks to avoiding the brunt of the storm.
“The [Borgota] held up very well, with some very minor damage,” said Joe Lupo, senior vice president of operations. “We are just looking forward to being back in business.”
The arrival of the hurricane comes at a bad time for a struggling gaming industry in Atlantic City. Its casinos have continued to see their gaming revenue fall over the past 12 months, as July’s $340 million marked a 6.5 percent decrease when compared to 2010. This calendar year has produced a 6.9 percent decrease in overall gambling revenue.
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