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American Casinos Take a Beating

Although the worst of it looks like it’s over, the recession continues to hit casinos where it hurts. Las Vegas and Atlantic City both reported losses in July and August, respectively.

While the Strip remained stable, in downtown Las Vegas the win was down by a massive 19% and by 23% in North Las Vegas. South Lake Tahoe also experienced a double digit fall of 12.9% to $23.7 million.

Areas falling by smaller amounts included Washoe County (-2%), Elko County (-2%) and Carson Valley, down 4%.

Meanwhile, in what should have been one of the busiest seasons of the year, Atlantic City’s casino posted a total win of $347.5 million for August, representing an 11.3% decline from the $391.7 million posted for the same month a year earlier.

In total, slots revenue was down 11.3% in August to $245.1 million, while table games also fell by 11.4% to $102.4 million. Atlantic City has now experienced 24 months of declining casino revenue and is currently down 8.4% for the first eight months of 2010 with winnings of $2.5 billion.

Falling by the least amount was Caesars Atlantic City down by 5.7%, followed by Harrah’s Resort Atlantic City (-6%), the Showboat Casino Hotel (-7.5%) and the Trump Taj Mahal Casino Resort (-8%).

All the rest experienced double digit falls in their revenue, including the Borgata Hotel Casino & Spa (-11.7 %), the Tropicana Casino and Resort (-13.9 %), Trump Plaza Hotel Casino (-14%), the Atlantic City Hilton Casino Resort (-14.5 %), Bally’s Atlantic City (-14.9 %), Trump Marina Hotel Casino (-20.4 %), and the Resorts Atlantic City, down 21.2 %.

Here’s hoping next year will see some gains all around!

Posted in Atlantic City, Casino, Casino News, Las Vegas.

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