Atlantic City’s casino profit saw a sharp decrease over the past year as other US states circle the resort like a school of sharks.
Total gross operating profit dropped by 26.7% from $730million to $535million as competition from; in particular, neighboring Pennsylvania continues to take a large chunk out of their profits.
David Hughes, chief financial officer for Trump Entertainment resorts, told the Wall Street Journal, “The problem for the city as a whole has been competition and economics.
“For 2011, I think you’ll still see a decline in the market but it’ll be much less.”
It comes just after a gaming conference in downtown Philadelphia identified the fact that after the introduction of table games midway through last year the state could overtake AC by 2012.
In terms of the individual casino resorts, the Borgata claimed the largest annual profit at $174.6million with the Atlantic City Hilton giving up the greatest loss, standing at almost $19million.
The seas have become choppier as the weeks have gone by for AC. After Governor Chris Christie vetoed the rescue package that was the New Jersey online gambling bill it’s difficult to see where they go next.
I mean if HBO can’t save their bacon with a marquee new series then they’re obviously going to need to keep digging for the eventual victory they crave. They could just go and play on those slot machines that have the drinks on demand though. It might not improve matters for AC but at least they’ll be having a whole lot of fun playing slots!