Atlantic City Casino Revenue Declines In Second Quarter

August 3, 2010-  By Bryan Cross

The Borgota Hotel has been the most profitable for Atlantic City and New Jersey Casinos over the course of the last couple of years, but even they are beginning to struggle based on the earning reports and revenue stream in the second quarter of 2010.  Analysts cite the blossoming competition from neighboring states such a Pennsylvania.

Borgota stated in their report that the revenue streamed took a 2.4 percent hit in the second quarter of the 2010 year, at $187 million.

The CEO of the Borgota Hotel and Casino stated that it is more of a short-term impact that they are seeing following the introduction of table games on the East Coast of several casinos, most notably Pennsylvania Casinos who rolled them out in the month of July.

“We have good marketing plans to blunt that. If revenue falls more than anticipated … the management team is prepared to react to that,” remarked Boyd President Keith Smith.

The Chief Operating Officer, Paul Chakmak, said that while the summer started off slower than what has come to be expected, business is picking up recently and on into the third quarter estimates look bright for the company.

“All of the trends are going in the right direction. Obviously, we would like them to be going a little faster than they are,” he said.

Several weeks ago, New Jersey Governor Chris Christie has gone on record publicly as saying that a government overhaul of Atlantic City is needed to help revive the country’s second-largest gambling industry in the country, behind only Las Vegas.

“The future of Atlantic City depends on our ability to market it as a unique destination,” Smith said. “Gov. Christie’s actions are a welcome step in the right direction.

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