New Revel Casino In Atlantic City Continues To Underwhlem
City's Total Gambling Revenue Down 9.5 Percent In May
Despite the opening of the new $2.4 billion Revel Resort, Atlantic City continues to struggle, dropping 9.5 percent in May compared with a year ago. The city took in a total of $263 million in gambling revenue.
In it’s first full month of operation in April, Revel Resort generated a disappointing $13.4 million. In May, that number increased only slightly to $13.9 million, ranking it eighth among the city’s 12 casinos.
The project, which was at one point in danger of shutting down, took six years to complete and required an additional $1.1 billion investment in 2011.
An increase in competition from casinos in neighboring states such as Pennsylvania, Maryland, New York and Delaware has seen an even sharper decline in gross gaming revenue. After a peak of $5.217 billion in 2006, revenue has dropped by 36 percent to $3.317 billion in 2011, a number not seen since 1993.
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