Atlantic City Casinos Continue to Struggle [AUDIO]
For the sixth straight year, Atlantic City Casino revenues fell in 2012.
The revenues were down eight percent last year. As expected, the ravages of Sandy in October were a major problem.
Roger Gros of Global Gaming Business magazine said the gambling town’s recovery was just getting started when the storm hit.
Revel got off to a poor start. It opened in April, but has been stuck near the bottom of the city’s casinos in terms of revenue.
Gros said part of the problem was Revel opened near mid-year, and many long-term gamblers stay with one casino from the start of the year to gain points. But he said this year gives Revel a fresh start. He hopes that Revel will at least be able to grab enough share of the market to survive.
Casinos in Pennsylvania triggered the decline in New Jersey in 2007. It was worsened by the national financial collapse and an unsteady recovery.
But Gros said he does not see Atlantic City’s casino revenues returning to its pre-recession level of more than 5-billion dollars a year in 2006.