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According to the New Jersey Casino Control Commission financial report for March, Atlantic City Casinos have suffered the biggest monthly revenue drop in the 30-year history of legalized gambling.
The commission’s figures show that the gambling industry in New Jersey took in just $318.4 million in earnings for March. That is a 19.4 percent drop from March of 2008.
Experts blame the slide on the nation’s struggling economy, smoking restrictions, and stiff competition coming from slots parlors in Pennsylvania and New York.
The biggest losses were reported from the Atlantic City Hilton Casino and Resort where sales were down almost 35 percent. In fact, ten out of the city’s eleven casinos show declining revenue, only the Trump Taj Mahal Casino Resort reported gains of a little over 6 percent.
Atlantic City is now mired in their third straight year of reported revenue decreases. The trouble started in 2006 when slot parlors opened in the Philadelphia suburbs giving Pennsylvania customers a closer-to-home option to play.
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