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Jersey Shore Casinos Desperate for Business
ATLANTIC CITY, NJ --
The American Gaming Association released a report last week which painted a rosy economic picture for the US casino gambling industry. The announcement provided an optimistic outlook for investors and stakeholders in the sector. According to the report, casino revenues in the US reached $34 billion in 2007, a number that exceeded Wall-Street expectations.
Despite the reassuring numbers for investors, the New Jersey Casino Control Commission said today sales were down almost 18% in the first quarter for Atlantic City casinos.
To find out what is happening to Atlantic City casinos, and why they are falling behind the rest of the industry, we asked Heath Samuels, a financial analyst based in the New York area for his opinion.
"The Atlantic City casinos have been hurt by new gaming facilities in New York and Pennsylvania. The introduction of a new smoking ban has also made the situation more difficult", Samuels said.
"Why drive out to Atlantic City when you can play the same games in Philly?", Samuels added.
According to Samuels, "Memorial Day weekend is usually a good indicator of how well the Jersey shore casinos will do in a particular season, right now, there are some great deals out there to entice visitors to this once bustling vacation destination".
In recent reports, the CEO of Trump Resorts has made it official that all of the Trump Casinos in Atlantic City are up for sale.
For years, Atlantic City has been considered 2nd rate to Las Vegas by many pundits, the numbers might finally prove their case.
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