New Jersey’s land-based gambling revenue fell six percent in 2013, marking the seventh consecutive year of decline for the Atlantic City casino market.
The resort’s 12 properties brought in $2.86 billion in 2013, down from just more than $3 billion a year earlier. The year-end results released Tuesday by the New Jersey Division of Gaming Enforcement reduce casino revenue to the lowest levels in 25 years.
In 1989, New Jersey saw $2.8 billion in gambling revenue, which at the time was an all-time high. The state’s gambling revenue peaked at $5.2 billion in 2006 — the first year that Pennsylvania introduced casinos — but has since taken a hit each year.
The state saw $798 million in table game win, down 7 percent from the previous year. Meanwhile slot machine win registered at $2.1 billion, down 6 percent from 2012.
Nine of the city’s 12 properties experienced losses in gambling revenue over the previous year. Industry leader Borgata Hotel Casino and Spa saw a modest increase of less than 1 percent to $617 million. Revel Casino Hotel registered a 27 percent increase in the data released Tuesday, but that figure is attributed to the fact that Revel operated for 12 months in 2013 compared to roughly eight months in 2012.
Meanwhile, the industry’s other significant increase was seen at the recently shuttered Atlantic Club, where gaming revenue grew by 12 percent to nearly $142 million. The casino had adopted a new strategy to attract locals, branding itself as an affordable casino.
Atlantic Club, however, shut down Monday following a bankruptcy filing in a move several politicians and local officials have called an inevitable cannibalization of the Atlantic City market resulting from competition in nearby states.
Tropicana Entertainment Inc. and Caesars Entertainment Corp., both with properties in Atlantic City, teamed to purchase the property for a record-low $23.4 million and put it out of operation.
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