This story was published more than 9 years ago.
The twelve land based casinos in Atlantic City, New Jersey had an abysmal month of March, seeing its collective revenues drop by 10.5% when compared to the same period in 2012.
Collectively the twelve casinos brought in $238.5 million for the month, with $173 million of that being generated by slot machines and the other $65.6 million coming from table games. Those numbers represent a 10% and 13% decline from 2012 respectively.
The Trump Plaza Hotel Casino had the worst month out of all twelve spots, bringing in just $6.8 million in revenue, a drop of 31% from March 2012. The Atlantic Club, which is in the process of being acquired by PokerStars owners The Rational Group, saw the only increase in revenues. The troubled casino brought in $12.6 million for the month, a rise of 33% from 2012.
The first quarter of 2013 has seen the casinos bring in $656 million in revenues, which is down 12% from the previous year.
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Comments
It appears to me that Atlantic City could be the best test case for the effects of online gambling. I believe their revenues have dropped for more than 5 years in a row.
A rebound brought on by internet gambling could very well bring a fresh argument to the positives of the legalization of the act. It certainly can't hurt.
How do you guys see it?
I reckon that is a far more complicated question than it might first appear. No doubt they are suffering due to the economic situation and competition from neighbouring states if my memory serves me right. Those factors aren't going to change in a hurry so they may have to adjust to a new "normal".
Online gambling isn't going to make a big difference in the short term either, not with the uncertain legal environment and the lack of Federal legislation.
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Yes, but I think that there may be a couple of factors working in the favor of the casinos here:
One, you have a large portion of the population that lives in and around the Newark/Jersey City area. While it isn't a daunting journey to Atlantic City, it isn't exactly a convenient trip either. Couple that with the fact that there are no real casino options in that area, and I think you may see a bump in casino revenues there.
Two, I agree that federal legislation makes the most sense, but in terms of casino type games I don't think it is vital (at least in the short term). What I understand is that the Justice Department said that the Wire Act that forbids sportsbetting (dumb) does not apply to casino gambling. This leaves those options open to the enlightened states, who will likely then legalize the act and start bringing in tax money.
This is what New Jersey decided to do, along with Delaware. I think that if these states see a bump in revenues, it will put other states on notice and you will see them all falling into line quickly... especially when they figure out they can tax a casino 15% of their cyber revenues!
The problem I can see though is that if they are regulated online under state based legislation then they will probably only be able to accept customers from their own state, unless they can work out some kind of contra deal with other states that have legalised. So they will have a limited market, some of which may cannibalise their own land based market.
It will be interesting to see how it plays out. AC might see a long term transition away from land based gaming to online - there's an opportunity for a state that really wants it to become the silicon valley of online gambling.
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