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Mother Nature deals out worst ever monthly decline in Atlantic City
Having been pummelled from all sides with neighbouring states legalising casino gaming, Atlantic City has now been dealt a cruel hand by Mother Nature resulting in its biggest ever monthly decline in gaming revenues.
windofnochange UNITED STATES
Savaged by storms, Atlantic City reported its worst ever month to month decline in Gross Gaming Revenues in August when the combina- tion of Hurricane Irene and fewer Sundays in the month than last year’s August led to a 19.8 per cent dip in GGR. August’s decline beat the
previous worst monthly decline of 19.4 per cent set in March 2009 with the three day closure of the 11 casino properties, forced by the storm’s arrival, eating into profits to the tune of US$45m.
Due to hurricane prepa-
rations, the casinos were forced to shut on the night of August 26 in order to give residents time to evacuate. The casinos reopened at noon on August 29, a day following Irene’s passing. However, the effects were felt for a longer period. Any damage caused by Irene was kept to a minimum in Atlantic City but with severe flooding in New Jersey, in parts of New York, Connecticut, Massachu- setts and Vermont, visita- tion remained flat even with the casinos re-opened. Tony Rodio, president of
the Tropicana Casino and Resort, said: “This wasn’t just a three-day event. We lost business for days after that.
If not for the hurricane, we would have shown growth for the month of August. We were down $2.3m for the month, but we estimate losing about $4m because of the hurricane.” The storm savaged month saw the casinos gen- erated GGR of $278.8m. Slots accounted for $193.7m in winnings, rep- resenting a 21 per cent decline when compared to August 2010. Revenue from table games dropped to $85.1m for a decline of 17 per cent. Joseph Weinert, speaking
for Spectrum Gaming Group, said he believed that Irene at least doubled the gaming revenue decline
that the casinos otherwise would have experienced. In further news, the Atlantic City casino indus- try wants New Jersey voters to approve sports betting, saying it would provide an economic boost for the gambling town and the entire state. Bob Griffin, president of the Casino Association of New Jersey, said: “Legalised sports betting will attract more tourists to visit our city and enjoy our world- class entertainment, thriv- ing restaurant industry, brand-name retail shopping and famous Boardwalk. Sports betting will allow Atlantic City to better compete, grow and reinvest
in the region. If the referen- dum is passed and if the federal ban is subsequently overturned, legal sports betting would provide an economic boost for Atlantic City and the entire state of New Jersey.” Only Nevada, Delaware,
Oregon and Montana are currently allowed to offer sports betting because they had it before the federal ban was enacted in 1992. New Jersey’s proposal
would allow wagering on most professional, college and amateur sports events. Betting would not be per- mitted on college sports events taking place in New Jersey or involving New Jersey collegiate teams.
Table games remain strong in Pennsylvania
stronghand UNITED STATES
The play of table games during August remained strong at Pennsylvania casinos resulting in a gener- ation of tax revenue of over US$8.8m, according to the the Gaming Control Board. Gross revenue from the
average 918 tables in opera- tion on a daily basis during August was $54,756,909. Pennsylvania taxes gross table games revenue at 16 per cent which resulted in a return of $8,835,866 of tax revenue returned to the Commonwealth. For the first time, the
Board was able to make a year over year comparison
of table game revenue. August 2010 was the first full month of table game operation at nine of the casinos, with a tenth casino, SugarHouse, beginning table
20 October 2011 • northamericanews
games operation in Septem- ber 2010.
In that comparison,
revenue this August was more than $20m higher than August 2010 when revenue
totalled $34,555,172. However, 282 more tables were in operation at casinos this August helping to produce that difference. When just comparing the nine casinos open in August of last year, that increase was approximately $14m with 235 more tables in opera- tion this year at those nine casinos over the same in operation last year. The seven member Board also determined that Hold- ings Acquisition had fulfilled the obligations under its initial casino operator’s license and therefore quali- fied to have its license renewed. The new licence is good for a three-year period. The decision was based
on a process utilised by the Board that enables both the operator and the public to provide information rele- vant to the renewal deci- sion. To date, the Rivers Casino
has generated $515m in gross revenue during its first two years of slots play and an additional $65m of gross revenue after its first year of offering table games. Total tax revenue generated and returned to the Common- wealth from the combined play of slots and tables is approximately $293m. The casino has also paid the Commonwealth a com- bined $66.5m in fees for its slot machine and table games licences.
Cantor to operate
sportsbook at Plaza
fullybooked UNITED STATES
The Plaza Hotel and Casino and Cantor Gaming have entered into a long-term agreement for Cantor to operate the race and sports book at the recently reno- vated Plaza Hotel property. This transaction will also introduce mobile gaming to the heart of downtown Las Vegas.
The exclusive long term
agreement, commencing in early 2012, will bring Cantor Gaming’s cutting edge tech- nology - including mobile gaming, dynamic In-Running technology and wagering options - to sports betting customers at the Plaza, in the heart of downtown Las Vegas.
“By teaming with Cantor Gaming, we will not only have the best sports book in the area, but will also be the first resort in downtown Las Vegas to introduce mobile gaming, a truly exciting mile- stone,” said Tony Santo, president and CEO of Santo Gaming the licensee of Play LV, the operator of the Plaza Hotel and Casino. “We are excited to offer a fully refur- bished race and sports book next year. We are confident that with Cantor Gaming, we will introduce an unforget- table sports wagering expe- rience in downtown Las Vegas that matches the stylish, comfortable and classic Las Vegas experi- ence that we have created at the Plaza.”
Lee Amaitis, president and CEO of Cantor Gaming, added: “The Plaza is a superb hotel and casino and we look forward to making it the Downtown destination of choice as we apply the latest generation of technology to sports wagering to create a superior customer experi- ence.”
Caesars to open resort’s sixth tower Caesars Palace will open the Octavius Tower, a 668-room hotel tower including 60 suites and six luxury villas in January. The resort’s sixth tower will offer a unique luxurious resort experience with a private entrance, separate hotel lobby and direct access to the Garden of the Gods pool oasis and gardens. “We couldn't be more pleased with the timing for the opening of Octavius Tower,” said Gary Selesner, regional president of Caesars Palace. “With very high hotel occupancy over the last six months and the unqualified success of the Augustus Tower - Octavius’ sister tower - we look forward to offering our guests the new luxury rooms along with an elevated service experience in both towers.”
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