Gambling Revenues in Atlantic City Continue to Plummet
Despite an upturn in fortunes for the popular casino-gaming destination, Atlantic City, towards the tail-end of the summer, the latest set of reports have revealed another decrease in gambling revenues for the month of November.
According to the figures released by the city earlier this week, casinos in the area recorded a 13.4% drop in revenue last month compared to the same period last year, while overall revenue for the first 11 months of 2010 was also down 13.5%.
The actual hard cash brought in by Atlantic City casinos for the year so far is some $3.7 billion dollars which – while sounding fairly impressive – actually pales in comparison to revenue accrued in recent years, with the slump considered by many to be the product of a wider economic crisis within the casino industry as a whole.
“The economic recession has severely damaged the casino gambling industry across the US,” said gaming analyst Brad Dawkins. “Anytime an industry goes down, it is its biggest suppliers that are hurt the most. For the casino industry, that means Las Vegas and Atlantic City.”
However, despite revenues falling in America’s biggest gambling destinations, it is still a time of cautious optimism for the country with many other states expanding their casino gambling options at a record pace to plug the market gap.