Atlantic City Rebounds With 12.6 Percent Growth
Revel Casino Brings In $20 Million In August
The sluggish Atlantic City casino industry had a solid month of August, reporting gaming revenue of $313.9 million, a 12.6 percent increase over August of 2011, when the city’s 12 casinos brought in $278.7 million.
The numbers were helped by a surge from the new Revel Casino which cracked the $20 million in revenue mark for the first time since opening in April. The property has made it a point to market itself as a resort first and a casino second, with upscale restaurants, retail shops, a spa and a 47-story hotel tower, the tallest building in the city.
The beach-themed and completely smoke-free casino still ranked eighth in the city, despite the increase in revenue. The Borgata Hotel and Casino finished first yet again, bringing in $55.3 million. Harrahs Resort and Caesars Palace came in second and third place, respectively.
Analysts believe that the reason for Atlantic City’s August surge has more to do with what didn’t happen than any economic surge. In 2011, Hurricane Irene forced the closure of all of the city’s casinos, costing each property millions in revenue.
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