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Atlantic City Slots Feeling the Burn

The faltering American economy and increasing competition have continued to take a toll on slot machine and casino gambling in Atlantic City, New Jersey. The numbers from December are in, and the last month of 2008 brought yet more decline to revenues in one of the biggest gambling destinations in the United States. Atlantic City’s casinos are second only to the world-famous outlets in Las Vegas, Nevada, but gamblers are staying away from the city’s attractions. The eleven casinos in Atlantic City have been going downhill in the past twelve months, and revenues tumbled a further eighteen-point-seven percent in December. Before that, the biggest losses (fifteen-point-one percent) had taken place in September.

The year of 2008 was the first that Atlantic City’s casinos had lost money since slots and casino gambling were legalized by New Jersey thirty years ago. Total annual revenues are down over three hundred million dollars for each of the last two years, stated Joseph Weinart. The Spectrum Gaming Group senior vice president of consultants noted that monetary losses had not been the only ravages of the steady decline. Over thirty-three hundred jobs have been slashed as well.

While everyone knows that major economic troubles facing the United States are undoubtedly the biggest hurdle facing American gambling right now, declining tourism and entertainment spending are not the only problems. The New Jersey casinos are facing major competition nowadays. Slot machines were recently legalized in Pennsylvania and New York, and experts say that Americans’ already-decreased gambling dollars are being spread thin between the higher number of options. A recently-enacted indoor smoking ban is also taking its toll on playership in Atlantic City.

Back to January 2009 Archive.