Atlantic City Casinos Get Hit For 20 Percent Decline Thanks To Hurrican IreneA Look At The Effect Hurricane Irene Had On Atlantic City Casinos |
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In late August we reported the “lost weekend” in Atlantic City, where 11 casinos were forced to close due to the mandatory evacuation caused by hurricane Irene.
Now the numbers are officially in and the lost business over the three-day shutdown accounted for an estimated $45 million loss. The decline amounted to a nearly 20 percent plunge, the largest monthly decline in Atlantic City history.
State Governor Chris Christie ordered the casinos to close, as well as the evacuation, fearing widespread damage to the area. Fortunately, by the time the storm reached the city it had weakened considerably, failing to cause any significant damage.
The properties hit the hardest were the Trump Taj Mahal Casino Resort and the Trump Plaza Hotel Casino, which both saw their revenue plummet about 35 percent. The Tropicana fared the best, only losing about 8 percent.
Overall, Atlantic City’s casinos are down 8.7 percent in 2011 from last year’s numbers. This is the city’s fifth straight year of decline and the numbers aren’t expected to get any better now that neighboring states have decided to loosen their local gambling laws.
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