CASINO AND RESORTS

Atlantic City casinos are suffering at the moment due to the economic downturn in the USA. The drop in profits has resulted in the Atlantic City gambling industry suffering a major blow. The slump in profit has been due to the drop of gross profits by 22.6 percent of Atlantic City’s 11 casinos, for 2010’s second quarter.

Last year the casinos enjoyed a profit of $192 million for the months April, May and June. But the profit that the casinos have brought in for the same months this year is just $149 million. This shows that difference in profit as $43 million according to the New Jersey Casino Control Commission. This is a huge difference in profit that has left the casinos worrying. And the figure indicates the profits for gross operations where as the hit experienced by the net revenue is more alarming.

The net revenue has been recorded as $922 million. This is 5.5 percent lesser than the net revenue that the casinos enjoyed in 2009 for the same period.

This loss in revenue for New Jersey casinos seem to have affected the neighboring casinos in a positive manner as Pennsylvania and Delaware are enjoying rise in profits.

The profit has gone up by 17.8 percent for Pennsylvania compared to the same period for the year of 2009 according to the Pennsylvania Gaming Control Board. This profit is the gross slots revenue and the table games revenue is expected to be announced soon. 11.7 percent is the growth in gross gaming revenue for the state of Delaware in July.

Things are going great for online casinos according to PartyGaming as the company has stated that the overall revenue has gone up by 26 percent for the first quarter of this year. It is said that the company’s bingo sites have a major part in the revenue rise.

Filed under: Casino and Resorts