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HOME > NEWS > Investor News > Atlantic City numbers fall

Atlantic City numbers fall

12 October 2007

ATLANTIC CITY, New Jersey -- As reported by the New Jersey Courier Post: "In a stunning bit of juxtaposition, what may be the largest single-month drop in gaming revenues was reported on the same day that MGM Mirage announced the resort's largest single project, a $5 billion behemoth.

"Casino revenues fell 10.6 percent in September compared to the same month last year, according to figures released Wednesday by the New Jersey Casino Control Commission.

"...Slot parlors in Pennsylvania and New York have led to a decline in slot revenues for every casino last month.

"'In my opinion, the slot decline was greater than expected,' said Dennis M. Farrell Jr., a gaming analyst with Wachovia High Yield Research in Charlotte, N.C.

"Table game revenues have cushioned the blow all year, but the table game hold was lower, he said. In other words, gamblers won more money than usual.

"The commission results also reveal a drop of 4.8 percent from the $4 billion won during the first three quarters of 2006. For the year, only Harrah's, Caesars and Borgata are still up, with Resorts just about even. The city is on line to see a fall of 5 percent year to year, the first such decrease in the history of gaming here.

"...The 11 casinos won $300.7 million at the slot machines and another $118.6 million at table games in September. Slot revenue plummeted 12.6 percent while table revenues slipped 5 percent. Everyone fell in slots, with Tropicana leading the way at 23.1..."

 
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