In what is proving to be a down year for the casino industry net receipts or ‘win’ in July was 469 million dollars down 2.3 % from the same month last year.
The percentage decline, although less than recent months, belies the fact that last year the casino gaming floors were closed for three days as the governor forced the legislative branch of the state government. Undoubtedly the decline would have been greater if the casinos had been open all of July 2006.
Atlantic City faces competition this year from slot parlors in Pennsylvania and New York. Without question these additional venues are drawing funds and players from Atlantic City.
It has been suggested that the elimination of smoking from 75% of the casino space in AC has driven smokers elsewhere although some recent research has shown that the market has actually grown as some people have taken advantage of the cleaner air in the casinos.
Four of the eleven casinos reported declines. Tropicana with the turmoil caused by the massive layoffs under the direction of its parent corporation Columbia-Sussex dropped 11% in casino revenue.
Resorts International posted the largest gain followed by Caesars. Both posted approximately 10% increases.
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