Atlantic City down 8% in April
combined revenue of the 11 Atlantic City casinos fail yet again,
this time 8% in April, compared to the same month last year. The
combined revenue number in April was $365.5 million, slot
machines again leading the pack in both profitability at $259.3
million and at decline - down 8.8% from April 2007, while table
games revenue was $106.2 million or 5.5% less than last April.
Out of the 11 Atlantic City casinos, only Harrah's Resort and
Casino posted increased profit of 2.7% to $43.3 million. The
Showboat Casino Hotel was the biggest loser among the NJ casinos
with a decline in revenues of 18.2%. Overall, for the first four
months of the year, the Atlantic City casinos won $1.5 billion,
down 6.7 percent from the same period in 2007.
The usual suspect to blame for the
declining revenues of the casinos - out-of-state competition and
smoking restrictions - were joined be the newest factor in brick
and mortar gambling in the United States - the slowing economy
and the record-breaking gas prices. "I wish I had more
optimistic things to say. As gas prices continue to creep up,
oil went over $126 a barrel today - I don't know if there's any
light at the end of the tunnel anytime soon," Scott Barber,
Harrah's senior vice president and general manager, was quoted.