Hopes that a surprisingly strong December would carry through into 2012 for the 11 casinos in Atlantic City were dashed by dismal January 2012 revenues, with gambling revenues sliding by just over 7% compared to the previous year.
Figures released by the state Division of Gaming Enforcement show the casinos took in $237 million in January, with slot machine revenue unchanged at $165 million but table games revenue plummeting 20% to $72 million compared with a year ago.
Warm weather on the East Coast had led to hopes that Atlantic City might turn in a strong January but competition from neighboring states such as Pennsylvania continues to take a toll on revenues. Some of the poor results can also be chalked up to simple bad luck, with the casino hold percentage at table games (a reflection of how "lucky" players were) much lower than normal.
Atlantic City remains the nation's second-largest gambling area with about $3.3 billion in total gambling revenues in 2011 but Pennsylvania is poised to eclipse it in 2011; Pennsylvania's gaming revenues totaled $3 billion in 2011 amid strong growth after an expansion of table games and new casinos opening their doors.
Only two of Atlantic City's casinos showed increases in revenue in January, with the Golden Nugget Atlantic City up 3% to $9.6 million and Resorts Casino Hotel up 3% to just over $10 million.
Various attempts to pump new life into Atlantic City's casinos have been unveiled in the past few months -- including an ambitious renovation project for some of the city's tourist areas -- as well as legislative attempts to legalize sportsbetting in Atlantic City and to offer online poker and gambling to state residents.
The new Revel casino is also scheduled to open its doors as Atlantic City's 12th casino on April 2, with hopes that the newest casino on the block might increase visitor traffic to Atlantic City casinos as a whole as new curious visitors check out the gambling options.
