Bad times for Atlantic City casinos

The US recession and its consequences for consumer discretionary spending has continued to hammer land casino operations in Atlantic City.

February 2009 statistics just released by the New Jersey Casino Control Commission portray a depressing picture of falling gaming win numbers across the board, with total win declining by 19.2 percent on a year-over-year basis to $310.3 million, while slot win was down 19.0 percent at $214.3 million, and table game win declined 19.7 percent to $96.0 million.

The Borgata Hotel Casino & Spa posted the smallest decrease, with gaming revenue falling 5.8 percent to $57.3 million. Land industry analysts offered the more encouraging view that the property's gaming revenue is running 4.1 percent ahead of their estimate for the first two months of 2009.

All three Trump Entertainment Resorts Inc. properties posted large decreases, with Trump Plaza Atlantic City Hotel & Casino reporting the largest decline of the three, a 27.4 percent drop to $16.7 million.

The only increase of any kind was posted by Harrah's Atlantic City, where table game win increased 23.1 percent to $7.8 million.

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