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Atlantic City banks on penny slots

13 April 2009

ATLANTIC CITY, New Jersey -- As reported by The Press of Atlantic City: "In these difficult economic times, budget-conscious gamblers have been pinching their pennies — except for when it comes to playing the penny slot machines.

"The copper cent bearing Abraham Lincoln's likeness is helping to emancipate casinos from their financial crisis during a recession that has been particularly harsh on the gambling industry.

"While Atlantic City's casino revenue has plummeted overall, the take from penny slot machines and their 2-cent counterparts rose 8.4 percent last year, compared with 2007, to nearly $698 million, according to newly released statistics. Penny machines outperformed all other slot machines in 2008.

"Although the debut of penny machines preceded the recession, these 1-cent wonders seem to epitomize the cautious spending habits of gamblers amid the economic meltdown..."

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