Atlantic City
It’s been a tough few years for casinos in Atlantic City. When the worst of the recession hit the United States, it hit Atlantic City hard. Few casinos could cope and even heavyweights, such as Trump Entertainment Resorts Inc. effectively admitted defeat by having serious discussions about the future of their businesses. While operators in the New Jersey city gained some comfort from the fact that Atlantic City’s big brother, Las Vegas, was also struggling, it seems that while Vegas gambling venues have begun to rise from the ashes, casinos in Atlantic City are still smouldering in the fire.
A recent report from the New Jersey Casino Control Commission has revealed that revenues across the eleven Atlantic City based casinos surveyed are down 25%, when compared with year-on-year results. In the first quarter of 2010, AC casinos recorded revenues of $111.2 million. Of course, while this is still a sizeable figure, it pales in comparison with 2009’s figures for the same quarter, which recorded casino revenue at $148.7 million. While Atlantic City casinos and businesses are doing their best to attract customers, competition from states such as Pennsylvania, which recently legalised slots and has also given the go ahead for table games, has meant that the city is bound to continue struggling.
It remains to be seen how quickly Atlantic City can pull itself out of the embers of the recession and into growth once again. However, it’s believed that the New Jersey City may have finally hit rock bottom, after it was revealed that in April 2010, revenue finally stopped declining at such a rapid rate, when compared with previous figures. For now though, businesses in Atlantic City will no doubt be hoping for a relatively trouble-free, if slow, return to growth.
