The casino gaming market in Atlantic City has experienced different situations, good and bad, over the past thirty years, but a situation that they never face before was gaming competition from other states, until now. Gambling revenue in Atlantic City casinos dropped in March 2011 and it has convinced casinos in Pennsylvania and New York that they can surpass New Jersey.
Gaming earnings for casinos in Atlantic City dropped to $280.5 million dollars in March 2011. That showed a 6.7 percent decrease. Revenues from casino table games dropped the biggest, falling by a total of 9.9 percent, to $84.2 million dollars. That is a big amount considering the gambling competition that casinos in New Jersey are now facing.
Legislators in Pennsylvania approved casino table games for their gambling facilities in 2010 and in the past few months since the table games were launched, the state has slashed the revenue that casinos in Atlantic City (AC) enjoyed. Casino table games began in July 2010, making gaming analysts wonder how long gambling facilities in New Jersey can stay on top.
Gaming Analyst Steve Schwartz said on April 12th, 2011 that casinos in Pennsylvania possessed the momentum at the moment and they offer newer casinos. Schwartz said that unless AC casinos create a solid advertising plan, casinos in Pennsylvania will likely surpass New Jersey casino in gambling revenue by the end of 2012. That is a lot of expectations for a gambling industry that is non-existent almost ten years ago.
Pennsylvania Governor Ed Rendell has been the main force behind the gaming expansion plans in Pennsylvania, even threatening to slash jobs in the state government if the casino table games proposal was not approved in 2010.
Legislators in Pennsylvania responded to Gov. Rendell's call and now state residents are enjoying the benefits. Aside from Pennsylvania, states in the Northeastern part of the US like Maryland, Delaware and Maine are also affecting gaming revenue in AC.
While casino table games profits slide by 10% in March 211 at Atlantic City casinos, the decline in slot machine earnings was not as big. Slot machine profits dropped to $196.3 million dollars, a loss of 5.3 percent.
07/06/2011 08:58 PM