Atlantic City Casino Revenues Drop By Record Amount [AUDIO]
Atlantic City's casinos saw their biggest revenue drop ever in November, down almost 28 percent. It followed a record-breaking revenue drop of almost 20 percent in October.
The casinos closed on Oct. 28, the day before the storm hit, and began reopening Nov. 2.
It wasn't until Nov. 5 that all 12 casinos were back in operation.
That led to a 19.9 percent decline in casino revenues in October, the previous largest monthly drop ever. The casinos took in $176.6 million in November, a decline of 27.9 percent from November 2011, when they were open a full month.
Roger Gros, of Global Gaming Business magazine, says the numbers are all about the continuing impact of sandy on the entire Jersey shore. He says Sandy had a bad impact on Atlantic City, and will continue to have one for some time.
Gros says the storm also dislodged plans to promote Atlantic City for holiday tourism and tourism next Spring.
Richard Stockton College gaming and hospitality expert Israel Posner says the upside of a very down revenue picture is getting the message out that the casinos and the tourism district is completely intact after Sandy.
Tropical Storm Irene forced the casinos to close for three days in August 2011, causing a 19.8 percent revenue plunge.