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Atlantic City Loses Money in Record Amounts (1 of 2)

Following the trend of Las Vegas, Atlantic City is also taking a major hit as a result of the American economic downturn. The New Jersey city, which is the second-most-visited casino gambling destination in the United States, experienced its biggest monthly drop since bets were first taken thirty years ago. September was a cruel month for Atlantic City, because many gamblers that might otherwise come to play their world-famous slot machines and walk the boardwalk had no money to travel and play.

Atlantic City gambling revenues tumbled fifteen percent from August to September, beating the previous largest monthly drop (December 1993 to January 1994; fourteen percent). Table gaming revenues came down six-point-two percent, while income from slot machines –always the main attraction at land casinos- tell a full and devastating nineteen percent. An e-mailed statement from the state’s Casino Control Commission put the total monthly revenues at three hundred fifty-six million, a disappointing sum.

Experts are attributing Atlantic City’s problems to those same ones plaguing Las Vegas. With the housing market in shambles, Wall Street in crisis, gas prices soaring, and huge increases in unemployment, people simply do not have the money to spend on airplane or car travel to get to their favorite gambling destination, or the funds to fritter away on playing the slots and other forms of gambling. Some of these former players are having trouble finding the means to even put food on the table. But those in the know say that slot game competition in nearby states and a trend of crappy weather have also factored into the disappointing returns.

Continue to part 2 here.

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