AC casino revenue loss last month most in 30 years

    Atlantic City Casinos continue to lose money. For the second straight month, the town’s casinos have set a record for the biggest monthly revenue drop in the 30-year history of legalized gambling.

    Atlantic City Casinos continue to lose money. For the second straight month, the town’s casinos have set a record for the biggest monthly revenue drop in the 30-year history of legalized gambling.

    Transcript:
    Figures released by the New Jersey Casino Control Commission show that March revenues dropped more than 19 percent from a year ago.

    During the same month, Pennsylvania’s gambling halls increased their revenues by more than 9 percent.

    Jane Bokunewicz teaches gaming management at Drexel University. She says slots parlors in Pennsylvania are taking a toll on the nation’s second largest casino market.

    Bokunewicz: They still have a lot of business on the weekends, but mid-week its empty and that was the part of the market that went over to Pennsylvania.

    Bokunewicz says the recession is also hurting Atlantic City, and it is trying to rebound by marketing itself as a destination resort.

    Three Atlantic City casinos are in bankruptcy, a fourth is headed there soon, and still another is fighting off foreclosure because it can’t pay its bank loans.

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    [audio: reports20090410slot.mp3]

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