The spiralling casino industry in Atlantic City continues to take it major hits in the pocket book. Last year alone, Atlantic City’s total gross operating profit dropped by 26.7% from $730million to $535million. Don’t blame it all on a bad economy, Atlantic City has other issues, namely stiff competition from Pennsylvania.
But folks in Atlantic City are taking positives after financial results indicated the resort’s casino revenue dropped by just 6.7% in March marking the second straight month of losses under 10%. Two of the 11 AC casinos posted revenue increases. After having a horrific campaign last year, Resorts Casino Hotel bounced back and was up 11.6% and Caesars Atlantic City posted a 10% increase.
No one is popping bottles of champagne just yet, even though in the past few months it appears like Atlantic City is showing signs of leveling off. The problems that the resort faces still exists. The most significant of them being the competition for gambling dollars from Pennsylvania, which has steadily been on the rise. At its current rate of growth, Pennsylvania is already expected to surpass Atlantic City as the undisputed number 2 destination to gamble in the US.