Atlantic City Casinos Post Dismal Revenues

After an unprofitable winter Atlantic City’s casinos are looking for a more profitable spring and summer. April gaming revenue in the Eastern gambling Mecca was $228.5 million, down 12% from last year’s $259.9 million According to the New Jersey Division of Gaming Enforcement slots revenues fell 14% from last year. Winnings from table games were down 6%. The Atlantic City gaming industry suffered through three months of double-digit revenue declines. Many blame the lingering effects of Hurricane Sandy for the drop in revenues. Many blame competition from casinos in other states like Pennsylvania.

The declines represented a huge loss for the new $2.4 billion Revel megaresort. The Revel has been pressured by a stagnant economy and the resort’s revenues fell 404 since the same period last year. Jeffrey Hartmann, Revel’s interim CEO, told reporters “Although our April gaming revenues were disappointing, we are launching new initiatives that will drive future growth and reintroduce Revel to the gaming public over the next couple of months.” Currently Revel is restructuring its finances in US Bankruptcy Court. A federal judge and the New Jersey Casino Control Commission  will most likely approve of Revel’s reorganization plans.

Revel has been adding new features and amenities and is changing its marketing strategy to attract new customers. Recently Revel opened a $3 million high-limit slots lounge and VIP club. Hartmann stated “This is the first of many new amenities and investments being made at Revel as we seek to broaden our appeal across a variety of demographics and gaming preferences.” In April Revel was second to last in revenues and only Trump Plaza Hotel and Casino had lower revenues than Revel. Only two casinos, the Atlantic Club Casino Hotel and Caesars Atlantic City, posted higher revenues in April. The Atlantic Club’s revenue increased by 37%. Michael Frawley, the casino’s chief operating officer, said “April’s results represent the fifth straight month of double-digit growth for the Atlantic Club Casino Hotel. Our performance is not a coincidence but a direct result of our unique positioning as ‘just the best deal in Atlantic City. This has been a large ship to turn in some very challenging times, but our philosophy is to simply give the guest what they want. And our results are clear evidence we are moving in the right direction.”

Several casinos have partnered with European gaming firms and hope that internet gaming will increase revenues. New Jersey plans to offer online bingo and other casino games in addition to poker. The Atlantic Club planned to partner with the Rational Group, parent company of Poker Stars but the deal fell through.

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