Atlantic City’s roll of the dice might just be turning out to be exactly that.
On a day when Gov. Jon Corzine rolled out an austere budget that contained nothing but bad news for most Garden State workers and taxpayers, the news wasn’t a lot better from the shore gambling mecca.
The losing streak that has shaken Atlantic City casinos isn’t getting any better; it’s getting worse.
Yesterday the A.C. gambling palaces reported a 19.2 percent drop in revenue in February. That’s the biggest monthly decline in the state’s 30-year history of legalized gambling.
There are a lot of reasons for that. The lousy economy is one. Pennsylvania is another. Specifically the competition the Keystone State now poses in the form of slots gambling at the swanky new gambling parlors that now dot the state, including Harrah’s in Chester.
Very simply, the new Pennsylvania casinos are eating Atlantic City’s lunch.
And all of this comes even though two proposed new slots parlors in the city of Philadelphia remain hopelessly mired in red tape. So frustrated is Gov. Ed Rendell with the situation in the city where he was once mayor, he is threatening the city with the possible loss of gambling funding in the state if they don’t get with the program.
But there is also a couple of curious angles in Pennsylvania gaming as well. While most of the state’s slots parlors continue to watch the money roll in, one is seeing a bit of a hiccup while riding the gravy train.
And that would be our pal right here in Delaware County, Harrah’s Chester. Their take was off again last month, a trend that started last summer and continues, despite a spike around the holidays.
No one is saying why. But one thing is sure. What they likely don’t need is more competition. And that’s just what they’ll get if Rendell gets his way and introduces legalized video poker at taverns.
Make no mistake, Harrah’s continues to be a very profitable operation. Just not as profitable as it once was.
Don’t wait for Atlantic City to shed any tears. Some of their casinos may be looking at going bust.
It used to be that only happened to the customers.
On a day when Gov. Jon Corzine rolled out an austere budget that contained nothing but bad news for most Garden State workers and taxpayers, the news wasn’t a lot better from the shore gambling mecca.
The losing streak that has shaken Atlantic City casinos isn’t getting any better; it’s getting worse.
Yesterday the A.C. gambling palaces reported a 19.2 percent drop in revenue in February. That’s the biggest monthly decline in the state’s 30-year history of legalized gambling.
There are a lot of reasons for that. The lousy economy is one. Pennsylvania is another. Specifically the competition the Keystone State now poses in the form of slots gambling at the swanky new gambling parlors that now dot the state, including Harrah’s in Chester.
Very simply, the new Pennsylvania casinos are eating Atlantic City’s lunch.
And all of this comes even though two proposed new slots parlors in the city of Philadelphia remain hopelessly mired in red tape. So frustrated is Gov. Ed Rendell with the situation in the city where he was once mayor, he is threatening the city with the possible loss of gambling funding in the state if they don’t get with the program.
But there is also a couple of curious angles in Pennsylvania gaming as well. While most of the state’s slots parlors continue to watch the money roll in, one is seeing a bit of a hiccup while riding the gravy train.
And that would be our pal right here in Delaware County, Harrah’s Chester. Their take was off again last month, a trend that started last summer and continues, despite a spike around the holidays.
No one is saying why. But one thing is sure. What they likely don’t need is more competition. And that’s just what they’ll get if Rendell gets his way and introduces legalized video poker at taverns.
Make no mistake, Harrah’s continues to be a very profitable operation. Just not as profitable as it once was.
Don’t wait for Atlantic City to shed any tears. Some of their casinos may be looking at going bust.
It used to be that only happened to the customers.
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