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Atlantic City Casinos March Revenue Falls 5.6 Percent

Posted on April 12th, 2010

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March revenues at Atlantic City casinos declined 5.6 percent from the same month last year. Atlantic City has been so used to experiencing two-digit drops in casino revenues for nearly all of the past three years that March’s data were seen to be promising.

Expanded gambling in nearby states has attracted lucrative gamblers of Atlantic City casinos which was one of the major factors that contributed to the double-digit declines in Atlantic City’s gambling revenue for the past three years.

The March results elicited a comment from Don Marrandino, eastern division president of Harrah’s Entertainment Inc., who said, “I feel pretty darn good. I think we’re turning the corner here.” Harrah’s Entertainment runs four casinos in Atlantic City. He said Atlantic City might have seen its first increase in monthly revenue since August of 2008 if it had not been raining for most of the weekends in March. “It would have been darned close,” he said. For the month of March, Atlantic City’s eleven casinos won $300.8 million and paid $24 million in taxes on their gross revenues in March.

Revenue from slot machines was $207.3 million, or a decline of 5 percent and table games yielded revenue of $93.5 million, or a drop of 6.8 percent. From January to March this year, the casinos won $856.5 million, a decrease of 9.9 percent from the same months in 2009. Harrah’s Resort Atlantic City was the only casino in Atlantic City that posted an increase in revenue of 5 percent for the month of March. One encouraging indicator is the declines posted by two of the city’s more sluggish casinos which were smaller than expected. Resorts Atlantic City and Atlantic City Hilton had been accustomed to monthly dips of 30 percent, but for March this year, Resorts Atlantic City’s drop was 13.9 percent, and Atlantic City Hilton’s was 11.9 percent.

The Borgata Hotel Casino and Spa, Atlantic City’s leading casino, was down 1.6 percent, and the Tropicana Casino and Resort which was acquired by billionaire Carl Icahn last month dropped less than 1 percent. Bally’s Atlantic City was down 3.1 percent; Caesars Atlantic City was down 3.2 percent, and Trump Marina Hotel Casino was down 4.0 percent. The Showboat Casino Hotel was down 4.2 percent, Trump Plaza Hotel and Casino was down 6.5 percent, and the Trump Taj Mahal Casino Resort had the biggest drop, 21.6 percent.