While much of the US is slowly returning back from the effects of the recession, casinos in Atlantic City continue to see steady decline in their revenues. According to statistics from the New Jersey Casino Control Commission, the gaming industry in Atlantic City saw income for July drop five percent from last year’s numbers.
Only the Atlantic City Hilton and the Trump Taj Mahal were able to report better business this year than in 2009. Nine other casinos suffered losses from the year previous, and those figures were significantly down from 2008.
Casino operators had used the national impact of the recession as a scapegoat for much of Atlantic City’s gaming trouble, but other factors continue to ravage the area’s gambling business. Increased competition in neighboring states has ended New Jersey’s exclusivity on the East Coast, and the convenience of online casinos continues to draw players in anticipation of the opening of the US gaming market.
Governor Christie has proposed a state takeover of the city’s gambling district, but it is debatable whether New Jersey will be able to reverse the direction of the devastation simply through better branding and advertising.
State Senator Ray Lesniak has led the way on several bold concepts designed to rescue Atlantic City’s gaming business, including challenging the federal ban on sports betting and suggesting intrastate online gambling run by AC casinos, but the measures are opposed by powerful foes both locally and nationally.
In the meantime, New Jersey’s dependable cash cow seems to have gone hooves up.
Published on August 10, 2010 by JulieWong