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Atlantic City Casino Revenues Continue Slide

Casino revenues in November continued to slide for Atlantic City casinos, down 6% to continue a slump that goes back over 3 years for the 11 casinos in Atlantic City.

Total revenue for November came in at $245 million, off 6% from what was taken in a year ago in November 2010. Only four of the 11 casinos reported a monthly increase versus last year, with Trump Plaza the biggest loser, off 32% as compared to 2010.

Slot machine revenue (which is typically responsible for the bulk of revenues and profits for brick-and-mortar and online casinos alike) was down about 5% for November 2011, with table games revenues sliding 10%.

Atlantic City casinos have been hit with a double whammy of the lingering US recession as well as increased competition from nearby states such as Pennsylvania which have opened newer casinos that are much closer and convenient for residents who had previously made the trek to Atlantic City to spend their gambling dollars.

Competition is likely only going to increase in the future as well, with Massachusetts poised to begin building its first casinos and the state of New York taking a hard look at legalizing casinos as well; other states are expanding their gambling options as they look to plug budget gaps and revenue shortfalls in the wake of the lingering recession.

Las Vegas gambling revenues have been showing more signs of life, with convention traffic increasing and more casinos showing stabilization as far as flat revenues or small gains on a monthly basis as compared to 2010.

Strip casinos continue to benefit from more diversified operations, with income from retail and entertainment offerings helping offset fewer dollars spent gambling.

On a global basis, the bulk of gambling growth is coming from Macau and Singapore, with double digit growth forecast in 2012 and beyond as the appetite for gambling in Asia continues to grow now that local options are available.

31-Dec-2011, 04:30

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