Atlantic City Casinos – Biggest Monthly Revenue Drop EVER
This should come as no surprise to anyone: Atlantic City casinos had their biggest ever monthly decline. Slot revenues decreased by 19%, while revenue from table games decreased 19.7%. Over the first two months of the year revenues for the Atlantic City casinos dropped 14.5%.
Casinos reported $310.3 million in casino win in February, a 19.2 percent decrease over the same month a year ago.Results reported to the New Jersey Casino Control Commission show that the 11 casinos won $214.3 million at the slot machines and another $96 million at table games in February. Slot revenue decreased by 19 percent while table revenues decreased 19.7 percent.
Casinos paid $24.8 million in taxes on their gross revenues in February. That money, 8 percent of gross revenue, goes into the Casino Revenue Fund which pays for programs that benefit qualifying senior citizens and people with disabilities. In addition, the casinos incurred another $3.9 million in reinvestment obligations. They are required to reinvest 1.25 percent of gross revenues in projects approved by the Casino Reinvestment Development Authority.
For the first two months of the year, casinos won $631.7 million, down 14.5 percent from the $739.1 million won in the same period in 2008.
Win, or casino revenue, is the net amount of money won by casinos. It is not profit.
I can’t wait for the economy to turn around so I can focus more on gaming. At the end of the day a casino’s revenue will have an effect on offers and service received.
Source: Press of Atlantic City
