Hurricane Sandy Causes Worst Revenue Drop In Atlantic City History
Revenue At City's 12 Casinos Drop By 19.9 Percent
Hurricane Sandy, otherwise known as the superstorm, didn’t do much structural damage to Atlantic City’s casinos, but she did manage to put a sizable dent in their wallets.
The storm was so powerful that New Jersey Gov. Chris Christie ordered the city’s 12 casinos to close. The unexpected four to six days off caused a 19.9 percent drop in gambling revenue for the month of October, a plummet not seen since Hurricane Irene forced a three-day closure in August of 2011.
The state’s Division of Gaming Enforcement reported that Atlantic City casinos brought in a total of $209.4 million during the month, down from $261.4 million one year ago.
It wasn’t just the closures that cost the casinos. Even after reopening, gaming officials were reporting a lower volume of visitors to the area due to various storm relief and clean up efforts.
The Trump Taj Mahal Casino Resort took the hardest hit, dropping 38 percent and taking in only $18.6 million. Bally’s Atlantic City fell by 33 percent to $19.8 million and the Trump Plaza Hotel and Casino fell by 32.5 percent to $6.6 million.
Revel, the city’s newest casino, had their worst month since taking in $13.4 million during their trial opening last October, generating only $9.3 million in revenue.
Atlantic City gaming revenue has been on the decline ever since posting its peak numbers of $5.217 billion in 2006. Through 10 months, Atlantic City is on pace to have another down year, having won only $2.7 billion, or 6.2 percent less than the same period in 2011.
|1||Tony Cousineau On Quest For Win After 56 Cashes At World Series Of Poker: 'I'll Sleep When I Die'|
|2||Seven Years After Winning Two World Series Of Poker Bracelets At Age 21, Jeff Madsen Not Stressed Anymore About Getting The Third|
|3||Alexander Kostritsyn Not Too Impressed With His $2.7 Million In Winnings This Year On Full Tilt Poker|
|4||Mike Matusow Says He Has Finally Recovered After Full Tilt Poker 'Destroyed My Life'|
|5||Gus Hansen's Trip To World Series Of Poker Reportedly Delayed Due To Lost Passport|
|6||Bracelet Winner Barred From World Series Of Poker|
|7||Poker Player Accidentally Sells Wife's $23,000 Wedding Ring For $10 At Garage Sale|
|8||PokerStars' Mark Scheinberg To Pay U.S. $50 Million|
|9||Matt Matros -- Stop The No-Limit Insanity|
|10||Phil Ivey Has Shot At First World Series Of Poker Hold'em Bracelet|
|1||Mike Matusow Says He Has Finally Recovered After Full Tilt Poker 'Destroyed My Life'|
|2||Bracelet Winner Barred From World Series Of Poker|
|3||Poker Player Accidentally Sells Wife's $23,000 Wedding Ring For $10 At Garage Sale|
|4||Matt Matros -- Stop The No-Limit Insanity|
|5||Phil Ivey Has Shot At First World Series Of Poker Hold'em Bracelet|
|6||Mike Matusow: I'm The Second Best Tournament Poker Player Ever Considering Number Of Events Played|
|7||Steve Gee Trying To Recover From World Series Of Poker Main Event Disaster|
|8||Chino Rheem Wins 2013 World Poker Tour $25,000 Championship|
|9||Chino Rheem and Erick Lindgren Lead World Poker Tour $25,000 Championship Main Event Final Table|
|10||Online Poker Scandal: Annie Duke Responds To Leaked Russ Hamilton Audio Recording|