Pennsylvania Takes Over Atlantic City in Gambling Spending
Gambling revenue in Atlantic City is at an all time low with figures showing that since 2005 revenues have fallen by 44% to around $3 billion, a level not seen since 1991. As a consequence around 10,000 people have lost their jobs and it looks like things are not about to get better anytime soon.
Spectrum Gaming Group’s vice president, Joe Weinert said, “There is a bottom, but we don’t know what that is. This is a longer loss than anyone anticipated.” Weinert believes that one of the major reasons for Atlantic City’s continuing poor performance is regional competition. It looks like casinos with fewer amenities scattered around the region are attracting gamblers away.
A number of competing casinos are based in the state of Pennsylvania which, according to the American Gaming Association’s 2013 report, is now second after Nevada in overall money spent on gambling.
While New Jersey grossed $3.1 billion, in Pennsylvania gamblers spent $3.2 billion. However, Atlantic City mayor Lorenzo Tyrone Langford remains optimistic, “Atlantic City is uniquely positioned to be OK long term. Its greatest resource is the beach and the boardwalk. I think there is a bottom for us, but I’m not a prognosticator.”