Atlantic City Casino Revenue Continues To Fall

June 11, 2012 7:06 PM

(credit: Getty Images)

Reporting Pat Loeb

By Pat Loeb

ATLANTIC CITY, NJ (CBS) – Atlantic City casinos continue to lose ground in terms of revenue, despite the addition of the Revel Casino to the boardwalk. That’s according to revenue reports released Monday by the Division of Gaming Enforcement.

The report included the Memorial weekend grand premier of the Revel Casino–granted a state bailout and $241 million in tax credits in hopes that it would rescue the flagging fortunes of the casino industry. Alas, Revel reported a modest $7.9 million in revenues, not enough to halt the continued slide of casino revenues. They were down more than nine percent in May, according to the report.

A statement from Revel CEO Kevin De Sanctis says, “We do not believe our current gaming revenue production is indicative of the potential capability of the property,” and promises an ad campaign designed to maximize the summer season.

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