A Silver Lining For Atlantic City? [AUDIO]
Atlantic City gaming revenue is expected to continue falling through 2015.
That's according to a new research report by PricewaterhouseCoopers LLC which estimates that revenue will eventually bottom out at $2.8 billion annually. Meanwhile, gaming revenue nationwide will grow five percent overall from $57.5 billion in 2010 to $73.3 billion in 2015. Roger Gros, Publisher of Global Gaming Business Magazine is disputing the predictions.
"The growth of the non-gaming revenue is the real story that's going to happen in Atlantic City over the next five years," said Gros. "There already are new entertainment options in Atlantic City, more shopping and food and beverage places. All of those things are going to be added to and refined to work for the customers. The entertainment that they bring in is now going to be backed by the entire industry."
"The study also overlooks two key developments, namely the opening of the Revel casino and the 30-million-dollar-per-year marketing fund to promote the city. When Revel opens, that is going to turn attention to Atlantic City like we haven't seen for ten years," said Gros. "And I can't stress enough that the support of the government in New Jersey has been crucial to this period in Atlantic City."
The marketing fund is being overseen by the Atlantic City Alliance, a public-private partnership between government and the casino industry.
"Many of these positive developments will begin to return that gaming revenue to Atlantic City," he said. "But more importantly, it'll bring more disposable income from people who just want to come to the city to enjoy the boardwalk, beach, shopping and all of the things the city has to offer."