I read this interesting article from the Reuters news service about Atlantic City Casino woes.
No big surprise. The report said gaming revenue at Atlantic City casinos were expected to fall 41 percent in 2011 from its high in 2006, while revenue at regional casinos in eastern Pennsylvania is surging.
This, taken from a report by industry analysts Spectrum Gaming Group said.
Casino patrons in the mid-Atlantic region are increasingly prizing convenience over the high concentration of full-service resort casinos found in Atlantic City, New Jersey, the county’s second-biggest gambling market after Las Vegas.
If you live in Pa. or Maryland, there are closer casinos to go to.
Revenue at Atlantic City casinos fell for the fourth straight year in 2010, marking the first time the seaside resort represented less than half of the total market share for the mid-Atlantic region, the report said.
The report says gaming revenue for the entire Mid-Atlantic region in 2011 to rise by $7.3 billion, or 6.2 percent, from the 2010 forecast of $6.9 billion.
So folks like me are gambling.
But of that total, about $4.2 billion will come from the 13 casinos outside of Atlantic City, including New York’s Aqueduct facility, which is due to open this year.
Gaming revenue at Atlantic City casinos will decline more than 13 percent in 2011 from their current level, from nearly $3.6 billion to $3.1 billion, the report said.
This is not good news for New Jersey.
But as a user…. damn…do you really care where you go, as long as the casino is clean, honest and has good food (just kidding about the food).
I’ll gamble where the hell I want to.
And I shed no tears for casino owners, who are all multi billionaires.
Still, I’d hate to see Atlantic City go down.