Reporting Pat Loeb
By Pat Loeb
PHILADELPHIA (CBS) – Revel Casino’s revenue continued to increase in August, but it’s still in eighth place among Atlantic City’s 12 casinos. Monday’s revenue report from the Division of Gaming Enforcement shows the industry is still struggling.
Last month’s casino revenues were up 12 percent over the previous August, but that’s not enough to make up for a lackluster winter and spring.
Revenues are still down more than four percent for the year and Revel — touted as the resort’s savior and treated to state aid in that capacity — still isn’t meeting expectations.
Casino officials decline to comment but Temple University Professor Bryant Simon says Revel may have been saddled with too big a task.
“The amount of money spent on it is so tremendous that it has to generate a lot of revenue just to pay back what it cost to build it and I’m not sure it’s quite there yet. Right now, the Revel has to struggle for its own survival before it can save Atlantic City.”
Simon counsels patience but he also doubts the resort will ever return to 2008 levels of revenue.