Atlantic City’s freefalling casino revenue continued its four-year downward trend in July, dropping 5 percent from July 2009 numbers, according to information released by the New Jersey Casino Control Commission on Tuesday, Aug. 10. The average win for Atlantic City’s 11 casinos dropped 5 percent, but some faired much worse and two casinos — Trump Taj Mahal and the A.C. Hilton — actually showed modest increases over the same period 12 months earlier.
Trump Plaza’s Dismal Month
The only thing worse than the casino’s two-day-long air conditioning melt down that came during one of the hottest Julys on record was the shutdown it created and the devastating loss of revenue for Trump Plaza that resulted. Trump posted win numbers that were 17 percent lower than in 2009.
Others Were Worse
However, Resorts led the way in Atlantic City July losses with a 19 percent reduction in win totals. The casino had turned itself over to its creditors in December when it could no longer pay its bills. Other casinos that saw business fall by more than 10 percent were Trump Marina (13.4) and Caesars (10.3).
Atlantic City’s once seemingly untouchable Borgata, however, was not immune from July losses. Atlantic City’s largest casino failed to keep pace with its 2009 numbers and was down .6 percent in win take this year.
Table Games Fall
The impact of table game competition from Pennsylvania’s casinos continues to cause worry among Atlantic City gaming insiders. In July, table games revenues fell 4.5 percent, led by a 30 percent decrease in winnings by Trump Marina. Casino analysts say increased competition from Pennsylvania casinos could cost Atlantic City casinos as much as $300 million a year, nearly $1 million a day.
Win Totals Down From Historic Highs
Overall, Atlantic City’s casinos combined to take in nearly $364 million in July, but that number is down from the casino resort’s all-time best July win take of $504 million in 2005. For comparison, Atlantic City’s all-time five-best months had combined win totals of more than $373 million, according to the Casino Control Commission.
YTD Figures Depressing Also
The 11 Atlantic City Casinos are not having a good year, also. Year-to-date win totals are down about 10 percent from 2009. However, the July year-to-date total is down 30 percent when compared to the all-time high year-to-date figures posted in 2006. The hardest hit is the A.C. Hilton which is down 16 percent when compared to the year-to-date figures for 2009.
Remember, the win total is the total money won by Atlantic City’s 11 casinos. It is not their profit total.
New Jersey Casino Control Commission
Asbury Park Press
The Press of Atlantic City