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January sees a 10% drop in revenue for Atlantic City

Afte

atlanticcitysnow
r a month of perpetually bad weather, Atlantic City suffered the consequences, posting a 9.9% decline in casino revenue as punters didn’t brave the weather to play at the gaming properties.

Figures posted by the state Division of Gaming Enforcement reveal that the seven casinos hauled in a meagre $184.3m in the first month of the year.

Out of the seven properties, only one posted a monthly revenue increase. The Golden Nugget’s revenue went up 1.7% compared to the year prior.

Chairman of the New Jersey Casino Control Commission, James Plousis commented: "What a difference a blizzard makes. When people are stuck in their homes by more than a foot of snow and temperatures are dipping into single digits, they don't come to Atlantic City. So, it comes as no surprise that casino revenues were down last month."

The drop in revenue wasn’t the fault of any one vertical, slots revenue fell 11.4% to $109.5m, whilst table games dropped 15.1% to $52.8m.

Despite starting the year on a bad foot, analysts are certain that 2018 will be a prosperous year for the state.

Christopher Glaum, Bureau Chief of Financial Investigations for the state Division of Gaming Enforcement added: “While the casino industry encountered a difficult start to 2018, the Division of Gaming Enforcement does not believe that the results reported in January will be indicative of the performance of the industry for 2018, especially considering the announced openings of two casino properties later this year.”

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