It was no secret that 2010 was not the best of years for the Atlantic City gaming market. But recently released statistics from the New Jersey Division of Gaming Enforcement (NJDGE) show just how bad it was for the city’s 11 casino facilities.
to the NJDGE, Atlantic City casinos generated a combined gross operating profit
of $534.9 million in 2010, a jaw-dropping 27 percent decrease over the $729.7
million the properties posted in 2009. In the fourth quarter of 2010 alone,
gross operating profit dropped an astounding 44 percent.
of Atlantic City’s 11 casinos reported operating profit losses for 2010 ranging
from 9 percent to 40 percent when compared to 2009. The lone bright spot was
the Tropicana Casino & Resort, which had an operating profit increase of
7.2 percent for the year.
The Press of
Atlantic Citycited the struggling local economy and increased competition for gambling
dollars from Pennsylvania and other bordering states as the primary reasons for
the double digit loss in Atlantic City casino cash flow.
these declines, some operators are showing interest in joining the Atlantic
City gaming marketplace. Recently, BET Investments paid Trump Entertainment
Resorts $5.5 million to remove a casino prohibition clause from a parcel of
land it originally purchased from Trump in 2005. The land is the former site of
the Trump World’s Fair Casino, which BET originally planned to convert into
Earlier this year, Landry’s Inc. purchased Trump
Marina Hotel Casino and is in the process of rebranding it into a Golden Nugget
Despite declines, casino operators still interested in AC expansion
April 11, 2011