In October, Atlantic City’s casino revenue sunk by 9.9% down to $346.2 million from where it was less than a year ago. This is just another wave of financial strife that the current economic downturn has brought on the gambling industry. This decline from October came after a rough 15.1% drop during September that was the largest total decrease in gaming revenue in the entire 30-year existence of the popular New Jersey gambling mecca.

Revenue from the slot machines at Atlantic City’s eleven casinos was $235.9 million and the profits from table games were $110.3 million. While these numbers may not seem so dismal to the average layperson, these are a sharp departure from the success and consistency that Atlantic City is known for. Overall, revenue dipped down by 6.6% during the first ten months of 2008 as compared to the year prior. And revenue from slot machines has sunk 8.6%. Table game revenue lowered down by 2%.

The outlook is decidedly grim when one compares these numbers to October of 2005 when revenue came in historic high numbers reaching $427.9 million. This latest development in Atlantic City is right in line with the struggles that the rest of the gambling industry are dealing with. Many operations are facing extreme losses and even bankruptcy in some cases as casinos try to compensate for the drop in casino client spending.

Although October’s decline was less than that of September, representatives from a number of Atlantic City casinos said that they were not overly optimistic and that the slight upswing was a very minimal improvement.

Tags: atlantic city casinos, casino revenue, economy

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