The New Jersey Division of Gaming Enforcement (DGE) announced that Atlantic City gross gaming revenues were down 27.9% in November. The DGE blamed much of this loss on Hurricane Sandy. In addition to casinos losing between one and four days of revenue, at least nine conventions and fifteen concerts were canceled during November. Some of these cancellations were during the closed period, but many others were not.
New Jersey officials stated that a small comeback was made in the last three weeks of the month. Gaming revenues in the three weeks ending November 30th recorded a 13% loss.
Year to date revenue is down 7.9% on average in the Atlantic City market. Every casino that was open all twelve months in 2011 is down against those numbers in 2012. This is due to massive expansions in neighboring states that has kept players close to their homes while gambling. Revenue will be negative for the fifth consecutive year in Atlantic City due to increased competition.
Revel is among the biggest losers in the Atlantic City market. The resort opened in April 2012 with a price tag of close to $2.5 billion. Revel has only grossed $112 million in gaming revenue in its first seven months of operations. In November, it only recorded a gross win of $6.2 million. While Revel is the most expensive casino in Atlantic City, it ranked 11th out of 12 properties in terms of gross gaming revenue in November.
Here are the November gross gaming revenue numbers by casino. Keep in mind that these are gross gaming numbers and not actual casino profit. They also do not include non gaming revenue.
1. Borgata- $42,742,937
2. Harrah’s- $23,685,546
3. Caesars- $18,931,074
4. Trump Taj- $16,891,073
5. Bally’s- $15,164,871
6. Tropicana- $12,770,546
7. Showboat- $11,515,374
8. Golden Nugget- $9,058,189
9. Atlantic Club- $7,501,872
10. Resorts- $7,197,023
11. Revel- $6,229,142
12. Trump Plaza- $4,894,771
Official Press Release
There is a little excitement in the Atlantic City market. The state is expected to pass online gambling regulations this month. It would bring online gambling to New Jersey. These games would include poker, slots and house table games. They may even include sports betting if the state prevails in court.
This online gambling announcement also brought a prospective buyer for the ailing Atlantic Club. PokerStars has emerged as an interested party in a potential $50 million sale of the locals casino. This may position PokerStars for a reentry into the United States, although there are quite a few licensing issues that need to be addressed first.
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