Despite Bad Report On Gaming Revenue In AC, Experts Suggest The Trend Should Turn Around In Year Ahead
Atlantic City’s casinos made less money again in the year gone by, according to figures released this week by the state of New Jersey.
Atlantic City has lost nearly half its casino revenue over the past eight years as competition in nearby states cannibalized its market and drove four casinos out of business.
The automaker posted a net profit of $1.38 billion, or 81 cents per share, from July through September.
Including Internet gambling revenue, which didn’t exist a year ago, the casinos won $209.4 million in September, down from $240.2 million in September 2013.
New Jersey’s Treasury Department says revenue from the fiscal year that ended June 30 fell below expectations even after they were revised downward.
With word this past week that New Jersey officials have fallen short, again, on projecting state revenues, there is a lot of scrambling to find ways out of the current $800 million hole by the end of June. And many experts are able to say, in effect, we told you so.
A down year with a strong finish. That’s how New Jersey gaming officials describe the profits of the 12 Atlantic City casinos last year.
Pennsylvania casinos have posted their fifth consecutive monthly revenue decline from slot machines.
The secretary of PennDOT says more access points to the Pennsylvania Turnpike may be in the offing as extra revenues start rolling in under the state’s new transportation funding plan.
A high-profile international rugby match takes place this evening at PPL Park.
An aggressive slot refund promotion helped Atlantic City’s newest casino to a banner month in July, but most of the rest of the casinos got off to a cool start as summer heated up.
New Jersey may be “Stronger than the Storm,” as the state’s promotional jingle goes, but towns up and down the stretch of shore that took the biggest whack from Superstorm Sandy nine months ago are seeing declines in beach revenue despite racing to rebuild, the best they could, in time for tourist season.
According to Toll Roads News, the New Jersey Turnpike is the clear leader when it comes to revenues for toll roads in North America.
Atlantic City’s casinos saw their gross operating profits fall by more than 27 percent last year, even as revenue from non-gambling sources inched upwa
The administration has now completed its “due diligence” phase and will begin evaluating the bidders’ business plans. Governor Corbett says privatizing Lottery management is still not a certainty.