ATLANTIC CITY, N.J.
Solid gains in slots revenue and a favorable comparison with a snowy month a year earlier helped make February an encouraging month for Atlantic City, with revenues at its casinos down just 1.4 percent from last year.
The city's casinos took
Six of the 11 casinos reported revenue increases, and one of the most struggling properties, Resorts Casino Hotel, posted the biggest gain at 16.5 percent.
Undoubtedly helping the figures is the fact that February 2010 featured three major snow storms that made it the snowiest month in Atlantic City history.
"We'll take a victory where we can get it," said Don Marrandino, eastern division president of Caesars Entertainment, which owns four casinos here.
He said the comparatively good numbers are not solely a product of a favorable comparison with a tremendously snowy Feb. 2010.
"The thing to be excited about is slot volume being the best it's been in some time," he said. "I feel good about it."
He also said attractions such as a Lady Gaga concert at Boardwalk Hall, a car show, a boat show and several well-attended concerts helped draw customers to Atlantic City last month.
Nonetheless, the fact remains that Atlantic City hasn't had a revenue increase since Sept. 2008. It has been battered by the one-two punch of the recession (now officially over), and fierce competition from casinos in neighboring states that are eating away at its customer base.
The Atlantic City Hilton, which hasn't paid its mortgage for two years and is seeking a buyer, posted a 4 percent revenue increase in February, a rare up month for one of the resort's most struggling properties. The Borgata Hotel Casino & Spa was up 3.3 percent, Harrah's Resort Atlantic City was up 2.3 percent, The Showboat Casino Hotel was up 2.2 percent, and the Trump Taj Mahal Casino resort was up 1.1 percent.
The biggest loser was Trump Plaza Hotel and Casino, down 15 percent. Bally's Atlantic City was down 11 percent, Trump Marina Hotel Casino, which is being sold to the Texas-based owner of the Golden Nugget, was down 7 percent, and the Tropicana Casino and Resort, which this week laid off 56 workers, was down 6.4 percent. Caesars Atlantic City was down 3.3 percent.
For the first two months of this year, the casinos have won $513.4 million, down 7.6 percent from the first two months of 2010.
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