Atlantic City takings head south
14th April, 2008
Casinos in Atlantic City notched up yet another monthly fall in revenues last month, it has been confirmed.
Total takings fell a massive 9.9 per cent in March to reach $395 million (£200 million), significantly offsetting the modest 1.5 per cent gain seen the previous month.
February's takings had raised hopes that the city's downturn - characterised by ten consecutive months of declines - might finally have come to an end.
US business tycoon Donald Trump, who owns three of the 11 casinos in America's Playground, was among those expressing a belief that the city's casino gambling were on the cusp of a new era of prosperity.
But according to Dennis Farrell, casino analyst with Wachovia Capital Markets, such assessments were far from realistic.
"Looking forward, it's painting a picture that 2008 will likely, in our view, be a negative year for the market again," Mr Farrell told the Press of Atlantic City.
A breakdown of the March statistics reveals that slot machine winnings fell by 11.2 percent to $277.3 million, while table game revenue dipped 6.6 percent to $117.7 million.
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By Chris M
