Sept. 15–Atlantic City’s casino industry took in $305 million in revenue in August 2014, up 2.3 percent from the monthly figure from a year ago of $298 million _ marking a rare exception to an eight-year trend of virtually unbroken declines.
The increase roughly matches the $10.5 million in August revenue from Internet gambling, which did not exist until November. The figures were announced Friday by the state Division of Gaming Enforcement.
Israel Posner, director of Stockton College’s gaming and tourism institute, said the August results are mildly encouraging for the city.
“Flat is the new ‘up’ in this industry,” Posner said. “The numbers suggest that the Atlantic City gaming market is approaching its bottom, and hotels in the area did well this summer _ as did other non-gaming sites.”
The big winner for the month was Tropicana, which was up 46 percent while Golden Nugget (34 percent), Harrah’s (18 percent), and Caesars (16 percent) also had double-digit increases from the previous August.
Trump Plaza _ which is closing Tuesday _ and Revel, which closed Sept. 2, were down 45 percent and 41 percent, respectively.
The figure for Trump Taj Mahal, whose owners have sought bankruptcy protection, was down 6 percent.
The casinos had experienced a collective 11.1 percent decline from July 2013 _ when there were 12 casinos _ to July 2014, with The Atlantic Club’s closure in January leaving the city with 11 gambling properties. The biggest losers for that month were Revel (down 36 percent), Trump Plaza (down 34 percent), and Showboat, which closed on Aug. 31 (down 19 percent).
The figures were announced at the end of a busy week in Atlantic City news. Trump Entertainment issued its Taj Mahal workers a 60-day notice of an expected closure on Nov. 13.
On Monday, Governor Christie convened a summit in the city with casino executives, union leaders and South Jersey elected officials. Three days later, he conditionally vetoed a job stimulus bill, notifying the Legislature he wants the measure to include tax incentives for developers of future non-gambling attractions in Atlantic City.
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