Revenues Rise for Atlantic City Casinos in October
Last month saw Atlantic City’s casino revenues increase by 3.6% compared with October 2012; however, the increase is mainly because last year Superstorm Sandy forced the casinos to close.This October a total of $216.9 million was brought in by the city’s 12 casinos. Slot machine revenue increased 9.7% to $163.6 million; however, table game revenue fell by 11.5% to $53.3 million because of a lower hold rate for the casinos at those games.
The Tropicana Casino and Resort had a particularly bad month, its table games revenue went down a massive 118% and the casino posted a monthly loss at table games of over $588,000. In recent years the Tropicana has been running high-stake table games to attract high-rollers, at times it leads to solid gains, however, from time to time it results in massive losses as players can pull off multimillion-dollar wins.
The chairman of the New Jersey Casino Control Commission, Matthew Levinson said that, “October’s results would have been even better, but the industry reported an unusually low hold at the gaming tables. If the hold percentage had remained stable, casinos would have brought in several million dollars in additional revenue.”