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Atlantic City casino revenues record 10 percent decline in January

Atlantic City casino revenues record 10 percent decline in January

The cold weather and the blizzard have hit the gambling revenues of Atlantic City hard. The revenues of seven casinos fell by 10 percent according to the figures released by the State Division of Gaming Enforcement.

It showed that seven casinos of Atlantic City won $184.3 million in January, which is 9.9 percent low as compared to January 2017. The Golden Nugget, was an exception as it was posted a monthly revenue increase which is 1.7 percent more than the previous year.

"A blizzard can make a huge difference," said James Plousis, chairman of the New Jersey Casino Control Commission. "When the temperature has dipped into single digits and people are stuck in their homes by more than a foot of snow, they won't come to Atlantic City. So, we are not surprised to know that casinos revenues have plunged last month."

A snow storm hit New Jersey and neighboring states on January 4. Due to this many schools remained closed and businesses have been impacted.

Christopher Glaum, chief of financial investigations for the gaming enforcement division, said regulators do not believe that the slow start of the year would affect the yearly revenues of casinos. They are optimistic about the Hard Rock formerly known as Trump's Taj Mahal and the revamped Revel opening as Ocean Resort Casino this year.

Caesar's recorded the highest decline of 23 percent; Harrah was down 16.3 percent to $23.5 million; Borgata recorded downfall of 10.2 percent, Bally's was down 8.8 percent to $12.7 million; Resorts was down 6 percent to $11.6 million and Tropicana was down 4.4 percent to $26.1 million.

However, Golden Nugget stood apart from rest of the pack and registered revenue worth nearly $7.3 million in January. It is an increase of around 53 percent from a year ago.
Its closest online rival was the Borgata, at $4.1 million.

As the people were not able to go out, Atlantic City's online gambling revenue saw an increase of 16 percent to nearly $22 million.