Atlantic City’s casino gambling revenue fell 9.6 percent in 2010, the New Jersey seaside resort’s second-worst annual decline as it competed with new casinos and expanded gaming in nearby states.
Betting proceeds dropped to $3.57 billion, after 2009’s record 13 percent drop, the
The second-biggest U.S. casino market after Las Vegas has posted four straight years of declines since peak gambling revenue of $5.2 billion in 2006 -- before Pennsylvania and Yonkers, New York, allowed slot machines. Since then, new casinos have opened in Philadelphia and Bethlehem in Pennsylvania, as well as in Delaware and Maryland, and table games have been added in Pennsylvania and West Virginia.
Six of Atlantic City’s casinos went through bankruptcy or restructured debt during the financial crisis, and development has stalled. New York City is adding its first slots at a racetrack in Queens, intensifying competition in the region.
December gambling revenue fell 13 percent to $237.2 million from a year earlier, including declines of 9.8 percent to $161.5 million for slot machines and 19 percent to $75.7 million for table games, the commission reported.
New Jersey Governor Chris Christie is seeking ways to help operators halt the market-wide decline, which is also hurting tax revenue. In July, the Republican governor proposed taking control of policing, land use and development on Atlantic City’s Boardwalk and nearby areas, and lawmakers are considering a regulatory overhaul.
To contact the reporter on this story: Beth Jinks in New York at This e-mail address is being protected from spambots. You need JavaScript enabled to view it
To contact the editor responsible for this story: Anthony Palazzo at This e-mail address is being protected from spambots. You need JavaScript enabled to view it
| < Prev | Next > |
|---|