Casino Profits Down in New Jersey, Up in Pennsylvania
Written by Roger S | Thursday, August 26th, 2010
Numbers released by the New Jersey Casino Control Commission last week showed that the 11 Atlantic City casinos showed a 22.6% decline in gross operating profits in the second quarter of 2010. While the same time period showed a gross operating profits of $192.5 million, this amount dropped to $149 million in 2010 (April to June).
In comparison, Pennsylvania casinos showed double digit growth in gross slots revenues year on year. It is believed that this is due to the introduction of table games such as poker at these casinos, although the true impact of poker is still not clear since table game revenues have still not been released.
Pennsylvania believes that its growth will be similar to Delaware, which saw an 11.7% growth in gross gaming revenue in July after casinos introduced table games such as poker, blackjack and roulette.
An analyst noted that “the increase in Delaware was solely carried by the addition of table games to the properties as winnings, excluding table revenue, were down 1.2%”.
Nine of Pennsylvania’s casinos showed a 17.8% increase, compared with a 5% decrease at Atlantic City casinos in July 2010.
Caesar’s Casino in Atlantic City saw the steepest decline in gross operating profits at 43.2%. While this number stood at $32.9 million a year ago, it dropped to a dismal $18.7 million this year.
Last month, New Jersey’s Governor Christie announced a proposal to take over Atlantic City’s gambling industry in a bid to stabilize the casinos and tourism.
The idea has been met with mixed reactions by legislators and New Jersey residents, especially since Christie wishes to keep the gambling revenue collected within Atlantic City instead of distributing it across the state for projects.
Other Articles Published on CompatiblePoker.com
· Written by Roger S · Filed Under Poker Gossip · Comments Off
