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Competition hit NJ casinos hard

Posted on June 22nd, 2010

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The present recession has dealt a hard hit on multitudes of Americans in all states, crossing different industries. The gambling industry in Atlantic City has not been spared from this hit. To resolve this, the creation of a more exciting Casino experience is being set for city dwellers. The efforts to retain players and their money on their hometown states has been heightened by means of introducing table games like black jack and poker. Cities like Delaware have started earlier in this effort to drive more players to stay in the city by including table games. Pennsylvania is said to follow soon.

So it is through this that Atlantic city faces tough competition by neighboring casinos, threatening their share of the gambling market. Fact is, being second to Las Vegas in terms of population of gamblers does not help their stake. Players have now started taking their chances in gambling on their own hometowns and current locations. Many players would often prefer to go to their own state casinos instead of driving all the way out of town especially if there is nothing different or new with the distant city casinos. Executive director Israel Posner, of the Institute for Gaming Management at Richard Stockton College in Pomona, N.J. Observes “Those types of players have no reason to go to Atlantic City anymore—they have too many other choices,” This is hurting Atlantic city as this causes a significant drop of people visiting and betting. Senator Raymond Lesniak of New Jersey State says “We’re getting hammered from every which way right now, and nobody is standing up for Atlantic City’s survival”.

Chairwoman Linda Kassekert of New Jersey’s Casino Control Commission contemplates “We’ve faced challenges before, but what we’re going through right now is much more intense than those other times because of the economy.” This holds true as Atlantic city has suffered major blows in the form of decrease in their revenues from their casinos amounting to almost 1 billion, compared to only last year’s earnings. This is said to be worse than other markets in the country. As the year reaches its half mark, revenues have already dropped to almost 10%, which is alarming coming from the city’s major revenue source. To make matters worse for the city, casinos from the Northeast are opening all at once within the year. Cities like Philadelphia and New York and Maryland are said to be opening fully operational casinos, and Massachusetts statesmen are currently discussing on offering more gambling choices to locals that will soon make way to opening more casinos, all of which poses more threat to Atlantic City’s share of the gambling industry.

In business, one man’s loss can be another man’s gain. Pennsylvania is said to be gaining from all that Atlantic City lost. Pennsylvania Governor Ed Rendell commented “Slot machines have been a tremendous success here, and I’m convinced the table games can be even better,” The state has had huge gains from revenues, this point in the year comparing it from 2009 revenues. Pennsylvania state casinos have listed about $200 million in revenues in last month alone, which is already over 10% higher than revenues from the same time last year. Already, the state has listed a whooping 25 percent increase in income.

Governor Rendell adds ‘Look, we’re not stopping Pennsylvanians from gambling anyway; they’re just going to New Jersey, Delaware and West Virginia. “We might as well capture some of the $3 billion our people spend gambling in those states.” And so they did, which does not only help the state’s financial difficulties but also provide employment possibilities that, during the present economic slowdown, is a massive help to any community.