 Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! Related Links
|
Gaming News
Pennsylvania grabs NJ business27 August 2007BENSALEM, Pennysylvania -- As reported by the Republican: "In less than a half-hour, two buses parked in front of Philadelphia Park Casino and Racetrack in Bensalem and unloaded groups of senior citizens ready to play the slot machines. "One bus came from New Jersey. The other was from Maryland. This time last year, those buses probably would have been bound for Atlantic City, N.J., which once had a near-monopoly on the gambling day-tripper. "That changed when five racetrack casinos opened in Pennsylvania. Three of the slots facilities are in the eastern part of the state, so gamblers now have a choice between the Jersey shore and Pennsylvania. "...For the last several months, many players have been passing on Atlantic City. The five racetrack casinos in Pennsylvania had handled $6.5 billion in wagers as of Aug. 12, while casino revenues in Atlantic City have slumped. "For six out of the last seven months, Atlantic City's 11 casinos have consistently reported declining revenues. Last week, the New Jersey Casino Control Commission said the casinos reported a 17.9 percent decline in profits during the second quarter. Profits totaled $291.3 million for the three months that ended in June, compared with $354.9 million during the same period in 2006. "New Jersey casino regulators and those in the industry concede that it's been a tough year. "Casinos in Pennsylvania have put a dent in gaming revenues in New Jersey. But so has the availability of slot machines at racetracks in New York. The demise of the Sands casino in Atlantic City last year also had an impact. "...Most say declining revenues in Atlantic City are temporary as the city works to become a Las Vegas of the East. That means new hotel rooms, high-end restaurants and more shopping as casino operators look to broaden their nongaming revenue base..." |