Online Casino Style: News - August Terrible for Atlantic City

09/29/2010		Online Casino Style - News: August Terrible for Atlantic City
Home History Games News Dictionary		It seems that fears from the New Jersey land-based casinos in regards to the potential effects that legalization of gambling in neighboring Pennsylvania weren’t too far off the mark, as news is hitting the internet casino news forums this week that indicate that perhaps the concerns were warranted. The competition now being presented by the Pennsylvania groups are equating to devastation for the casinos in New Jersey, with some numbers estimating that the new redirection of betting is a primary cause of the decline in wagering in Atlantic City. Though the recovering economies all over the US, as well as world have meant that some recovery in the online gambling sector has been enjoyed, the same is not holding true for the live sector, as casinos are having to fight for business as much as ever. Atlantic City had yet another terrible month in August, reporting a decline of yet another 11.3 percent over the same period last year, with most of the blame now going to the Pennsylvania locations. According to reports by the Associated Press, Atlantic City managed to bring in only $347.5 million for the month, a drop from 2009’s totals of $391.7 million from the shore city’s 11 casinos. The losses were nearly universal, with slot machines dropping 11.3 percent to $245.1 million, table games bringing in $102.4 million, also down more than 11 percent from the last year. The casinos won $2.5 billion off their player, a drop of 8.4 percent from the year before, for the first eight months of the year, January through August. The losses were shared among casino, as well, with no casino able to avoid declaring drops in their profits for the month. In a twist, the New Jersey governor Chris Christie is apparently attempting to further debilitate the gambling industry, as he just recently proposed to withdraw state subsidies from horse tracks; he also is actively working to prevent allowing tracks to host slot machines, a small measure that other states – like Pennsylvania – have found very profitable. The casinos are battling his proposals, arguing that they can’t sustain any more losses.

09/29/2010

Online Casino Style - News:
August Terrible for Atlantic City

It seems that fears from the New Jersey land-based casinos in regards to the potential effects that legalization of gambling in neighboring Pennsylvania weren’t too far off the mark, as news is hitting the internet casino news forums this week that indicate that perhaps the concerns were warranted. The competition now being presented by the Pennsylvania groups are equating to devastation for the casinos in New Jersey, with some numbers estimating that the new redirection of betting is a primary cause of the decline in wagering in Atlantic City.

Though the recovering economies all over the US, as well as world have meant that some recovery in the online gambling sector has been enjoyed, the same is not holding true for the live sector, as casinos are having to fight for business as much as ever. Atlantic City had yet another terrible month in August, reporting a decline of yet another 11.3 percent over the same period last year, with most of the blame now going to the Pennsylvania locations.

According to reports by the Associated Press, Atlantic City managed to bring in only $347.5 million for the month, a drop from 2009’s totals of $391.7 million from the shore city’s 11 casinos. The losses were nearly universal, with slot machines dropping 11.3 percent to $245.1 million, table games bringing in $102.4 million, also down more than 11 percent from the last year. The casinos won $2.5 billion off their player, a drop of 8.4 percent from the year before, for the first eight months of the year, January through August.

The losses were shared among casino, as well, with no casino able to avoid declaring drops in their profits for the month. In a twist, the New Jersey governor Chris Christie is apparently attempting to further debilitate the gambling industry, as he just recently proposed to withdraw state subsidies from horse tracks; he also is actively working to prevent allowing tracks to host slot machines, a small measure that other states – like Pennsylvania – have found very profitable. The casinos are battling his proposals, arguing that they can’t sustain any more losses.