Casino revenues fell 9.6 percent in 2010 to $3.6 billion. And monthly revenue losses have typically been in the double digits over the last six months.
The year-over-year decrease in November 2010 was 12.5 percent; in December 2010, casino revenue declined 12.8 percent compared with December 2009; and January (2011) revenue decreased 13.2 percent over the same month a year ago.
Slot machines accounted for about 71 percent of last month's revenue, or $183.9 million. Table games, such as poker and blackjack, made up the rest, at $74.1 million.
Perhaps most troubling for the A.C. venues, and another sign of the increasing impact of Pennsylvania's introduction of table games, was the monthly dramatic drop in table games revenue, down 13.2 percent from February 2010. Slots revenue went up by 4.4 percent.
The casinos in Pennsylvania introduced table games during the summer, and now all 10 venues there have them.
Although Atlantic City continues to struggle, February's slot machine revenue was 17.6 percent higher this year among Pennsylvania's casinos than a year ago, when the winter weather also impacted travel by patrons.
The ongoing revenue declines - now 29 months straight for Atlantic City - brought on by the competition has prompted Gov. Christie to initiate a dramatic overhaul of the gambling resort. The changes, including creating a state-run casino and tourism district, increasing the powers of the Casino Reinvestment Development Authority, streamlining casino regulations and remarketing the resort, begin this year.
The state is also going as far as helping to complete Atlantic City's soon-to-be biggest casino, the $2.5 billion Revel, on the northern end of the Boardwalk. On Feb. 1, Christie announced that the state was pumping $261 million in tax rebates disbursed over 20 years to cover infrastructure improvements in and around the Boardwalk casino.
In return, the state will get a 20 percent stake in Revel management's ownership interest in the casino resort.
Contact staff writer Suzette Parmley at 215-854-2594 or firstname.lastname@example.org.