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.
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