Casino Business: Atlantic City Gambling Revenue Falls 4.8 Percent In AugustNew Jersey's 12 Casinos Win $298.1 Million From Gamblers |
|
August was another tough month for casinos in Atlantic City, New Jersey. Though, it wasn’t nearly as bad as some of the previous ones.
During August, the 12 gambling properties reported gaming revenue of $298.1 million, which was down 4.8 percent from August 2012’s $313.2 million, according to a press release issued Tuesday by the New Jersey Division of Gaming Enforcement.
So far in 2013, casinos in the ocean-front town have won $1,973,173,496 from gamblers, down from $2,165,233,990 from January to August in 2012.
The property that slumped the worst in August year-over-year was Harrah’s. It brought in $32,877,327 and $40,073,858, respectively, which marked an 18-percent plunge.
The casino with the best August compared to August 2012 was Borgata, which saw gaming revenues rise from $55,263,528 to $62,624,743.
New Jersey casinos recorded an all-time high of $5.2 billion in gaming revenue in 2006. It has been slumping mightily ever since. Last year saw just over $3 billion in overall gaming revenue.
This year, the casinos are on pace for casino win of far less than $3 billion, perhaps closer to $2.7 billion. Pennsylvania last year overtook New Jersey as the second most lucrative gambling market in the United States. The top spot still belongs to Nevada, which took in $10.8 billion last year in gaming revenue, and that should increase slightly in 2013.
For a crazy comparison, one month in Macau, the former Portuguese Colony that attracts wealthy high rollers from mainland China, sometimes brings in nearly $4 billion from gamblers in a single month. It’s on pace for more than $40 billion this year.
New Jersey gaming firms are looking to a November launch of online gambling in order to stop the bleeding. The state is also hoping to allow sports betting in the live setting.
After online gaming was legalized in February, the bill’s sponsor, Sen. Ray Lesniak, told Card Player: “This is a huge lifeline for Atlantic City — a big win for the state."
Fast forward to August, and as the Internet business draws near, state officials are still working feveriously at helping the struggling casino industry. Gov. Chris Christie recently appeared on a radio show and said this about the sports betting case:
“I think New Jersey is going to be victorious ultimately. There is no reason why Las Vegas, the state of Nevada, should have a monopoly on sports gambling.”
It might not be too long before gaming revenues start trending upward.
For more news from New Jersey, check out its state page.
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
