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 ATLANTIC CITY — Casino revenue fell in October for the 14th straight month, but the 6.5 percent drop from a year ago gave the local gaming industry a glimmer of hope after double-digit decreases earlier this year.

Overall, the 11 casino hotels had gaming revenue of $323.8 million compared with the $346.2 million for October 2008, according to figures released Tuesday by the New Jersey Casino Control Commission. Slot winnings skidded 5.7 percent to $222.4 million, while table game revenue was off 8.1 percent to $101.4 million.

October represented the second consecutive month that revenue dropped by single digits, after September’s year-over-year fall of 5.8 percent. The declines have gotten smaller during the year, from 19.4 percent in March to 15.4 percent in May to 12.7 percent in July.

However, the head of the four Atlantic City casinos owned by Harrah’s Entertainment Inc. noted the industry is entering the traditionally slow fall and winter months at the same time the economy is weak.

“I think we’re slowly starting to tell a good story,” said Don Marrandino, president of Harrah’s Eastern Division. “I remain bullish, but I’m not ready to say the tough times are over.”

In addition to the soft economy, Atlantic City has been hurt by competition from slot parlors in Pennsylvania and New York. October revenue figures for Pennsylvania and New York suggest those states continue to suck business away from Atlantic City.

In Pennsylvania, slot revenue jumped 32 percent to $177.1 million, largely due to the opening of two new casinos in Pittsburgh and Bethlehem earlier in the year. New York’s racetrack casinos took in $85.2 million in slot revenue, an 8.8 percent increase.

“We believe the operating environment continues to reflect weak macroeconomic conditions, tightened consumer spending and elevated Northeast and Mid-Atlantic slot supply,” Dennis M. Farrell Jr., gaming analyst for Wells Fargo Securities, wrote in an investment note about the difficulties confronting Atlantic City.

Across the country, the nation’s biggest casino market also continues to struggle. Nevada casinos have suffered revenue declines 21 months in a row. In September, they posted $911 million in revenue, a 9 percent decrease. Casino winnings on the Las Vegas Strip, which account for more than half of the state’s total gambling revenue, were down 3.6 percent, to $506.4 million, in September. Nevada is a month behind in reporting its casino revenue.

All of the Atlantic City casinos, except for Caesars and Showboat, had lower revenue in October. Both Caesars and Showboat, owned by Harrah’s Entertainment, were up by about 11 percent.

Marrandino said the Harrah’s casinos benefited from a special weekend event in early October that included flying in 2,600 top customers from 42 states. He also cited an entertainment lineup highlighted by rap superstar Snoop Dogg’s concert at Showboat’s House of Blues and a cooking challenge at Caesars featuring celebrity chef Emeril Lagasse.

Overall, the industry was boosted by a friendly calendar. This October had five Saturdays compared to four last year, giving the casinos one more key moneymaking weekend day.

Among October’s worst performers, the Atlantic City Hilton Casino Resort had a 22.1 percent drop in revenue, followed by Trump Taj Mahal Casino Resort, down 18.3 percent. Resorts Atlantic City, Trump Plaza Hotel and Casino and Trump Marina Hotel Casino also had double-digit declines.

For the first 10 months this year, gaming revenue is down 13.5 percent industrywide, to $3.37 billion. Also known as the casino “win,” the revenue figures represent the amount of money lost by gamblers. It is not profit.

Contact Donald Wittkowski:

609-272-7258

DWittkowski@pressofac.com

11 comments:

• bhash875 (38) posts 4:34 pm

  Everybody is going to have to make m,ore money www.thevigonline.com

• jmanfrompa (38) posts 9:29 pm

  Oh spare me! Concerts & cooking challenges aren't going to bring those revenue numbers up. How 'bout the casino operators do something really effective like allowing some pay-outs to occur on their slot machines? As it stands now, slot playing is a totally futile experience... no fun without "some" chance of winning "something". I have turned away from slots in favor of card games. At least this affords me some margin of success. Concerts & cooking! How about a dog-and-pony-show, as well?

• icantstandit (37) posts 5:47 pm

  Free parking Free parking Free parking Last Friday nite, Caesars wanted $15 to park. It's even $10 with a card. A customer has to be Platinum to park free now. They might as well put up a sign saying "Go Home-We don't want your business". No wonder people are staying away. Who in their right mind wants to be ripped off?

• boardwalker (17) posts 10:24 pm

  They should have put in a monorail connecting Atlantic City and Philadelphia instead of the train that they have now, in my opinion.

• Nikynewark (118) posts 10:11 pm

  Some of this has to be laid at Corzines door since most of this happened on his watch. The +30% toll increase didn't help, when I can go to PA or Yonkers toll road free. Free parking too! Also you have to be blind not to see the obvious deterioration and lack of housekeeping at some casinos. I thought CCC was all over that??? Time for a new CCC! Last, casinos need to put back the slots and video poker they have been pulling. Last Sunday at a favorite casino I was SHOCKED by the empty floor space, plus they sealed up and closed many other machines in a sealed room. Bad business, don't blame the recession!

• Ghostdog- (28) posts 9:59 pm

  IzzyStone- your infantile, low-brow responses just prove how correct Thrush is, thanks for proving him right. now, put down your malt liquor and pipe and pay your baby mommas the money you owe. where are all your leaders?

• IzzyStone- (51) posts 6:21 pm

  Let me explain who the "real" Thrush is. Thrush used to go by the name todfiat here on the forums. After being ridiculed by his racist comments, todfiat changed his name here, but his warped message remains the same. You see Thrush(or whatever stupid name he selects) has the same racist message, day in and day out. Thrush is a failure at life, by his own admission. He failed at his marriage, failed on the job, and failed at managing his finances. To avoid his failures, Thrush took off for the west coast to try to get away from his misery. The thing is, Thrush didn't change his racist views that he learned from his parents. Even after struggling with cancer, Thrush didn't take the chance to change his ways after being given a second chance at life. No, Thrush went the other way, and blames the entire world for his problems, and the fact that he is a failure. Like everything else, Thrush tries to run from his problems. He ran out west to try to get away, and now Thrush has become an angry, lonely middle-aged man. Oh sure, he feels he is the brightest person on the entire internet. A brave man hiding behind the comforts of his keyboard, when in fact he is a wimp and a cancer of society. A know-it-all who knows nothing but hatred. It's an obvious sign that Thrush is crying for attention. Look at me, look at me, listen to my hateful words. It's a cry from a person who is a failure, and in person, nobody pays attention to. He wouldn't dare say these racist things in person, because Thrush is afraid of his own shadow. After being picked on his entire life, Thrush talks tough in the comfort of his home. You aren't fooling anyone Thrush, your a coward. A coward and a failure. Keep posting Thrush, it just highlights what a cowardly fool you really are. Better yet, time to pop another pill, have another drink, so you can keep running from your miserable life's problems. Boo, there goes the coward Thrush, the former todfiat, toe-tapping back to his closet.

• actime (2) posts 5:19 pm

  The reported 6.5 decrease in casino revenue is actually misleading. The 6.5 is only the average. In reality that number is much higher for each casino. In many cases the loss for the last two years is close to 30% of revenue.

• Derek Johnson (17) posts 4:25 pm

  What the hell happened to the beach???

• pineypower (71) posts 3:42 pm

  Thrush - we need to elect you Mayor of AC since you seem to have all the answers to every issue. Problem is no one would understand what the hell you are saying.

• Thrush (332) posts 2:59 pm

  Casinos seemed like a good idea at the time. But "the best-laid schemes of mice and men gang aft agley," Robt. Burns said between mouthfuls of haggis. But you can't graft shiny tall casinos onto an irredeemably incompetent, often corrupt, city. It's like a homeless stewbum walking around with a fancy Easter bonnet atop his head: a jarring disconnect. If A.C. had fewer lo-income housing projects, and a goverment not crippled by poorly-educated black hacks, and craven white enablers, it might've thrived. Dream on. The casinos were hoped to include an urban renewal component, and it never reached critical mass. All cosmetic, stopgap, and ad hoc. A patchwork quilt. If Trenton had allowed casino folks to run for office in A.C., it would have saved A.C. from itself. But A.C. is sui generis, always stiff-arming the county and the state. As Auden said of Little Englande: "England is an island, and that's all you need to know." Mad dogs & Englishmen... Same phenom in A.C. No interaction, or consolidation, with the 3 villes on Doc Pitney's sandspit. "We're bloody incompetent, but we'll go it alone! I got mine, Jack!" All inbred, and city "government" being nothing but a full-employment scheme for cops, firemen, hacks, sweetheart contractors, and ex-cons. A closed system, in which mold and fungus thrive. Hap spins in his grave.

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