The New Jersey Division of Gaming Enforcement reported yesterday that Atlantic City casinos won $212.3 million in February. This was a 12.5% loss against February 2012’s $242.7 million win. The loss was partially attributed to last year’s leap year, but theoretically, only about one-quarter of this loss could be blamed on there only being 28 days in February 2013. Competition from neighboring states, most notably New York City’s Aqueduct Casino and the growing Pennsylvania casino industry contributed to last month’s gaming revnue losses in Atlantic City.
There were two bright spots in February’s numbers, though even that is debatable. The Atlantic Club, a potential takeover target of online poker giant PokerStars, reported a 30.1% increase on slot win. This was slightly offset by a 13.1% table game loss in revenue over February 2012. The Atlantic Club still won nearly $2 million more in February 2013 over last year for a total win of $10.2 million. This placed the casino ninth in Atlantic City in terms of gaming revenue.
Tropicana posted a 12.5% increase in gaming win last month over the year before. All of this win can be attributed to reversing last year’s table game loss of over $1 million. Tropicana reported a table game win of over $3 million last month. Their slot win suffered a decline of 17% over February 2012 for a total gaming win increase of just under $2 million.
The Borgata, Atlantic City’s number one casino in terms of gaming revenue, suffered a 7.5% decline for a total win of $46.5 million. All other casinos open for more than one year suffered a larger percentage decline with the exception of Tropicana and Atlantic Club.
Revel, Atlantic City’s newest casino, posted a gaming win of just $9 million. This placed the property 10th among Atlantic City’s twelve casino properties. Revel is expected to file for bankruptcy protection in the coming weeks due to its poor performance since opening last year.
Atlantic City continues to struggle due to the lingering recession and competition from neighboring states that have devoured the city’s gaming revenue that once a geographical gambling monopoly. New Jersey hopes to turn this around with legalized sports betting and online gambling, neither of which is live and both still face both legal and licensing hurdles before they can get off the ground.
The New Jersey Division of Gaming Enforcement February 2013 gaming revenue press release may be found here.
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