Atlantic City gaming revenues decline; regional markets up
Atlantic City gaming revenues were $383 million in July a drop of 12.7 percent from a year ago, according to New Jersey’s Casino Control Commission.
JPMorgan gaming analyst Joe Greff blamed some of the decline on the May opening of Las Vegas Sands Corp.’s $675 million Sands Bethworks in Bethlehem, Pa.
While Atlantic City fell, regional markets continued to impress.
Indiana casinos reported gaming revenues of $251.4 million in July, an increase of 4.2 percent, according to the state’s gaming commission. Gaming revenues in Northern Indiana, which is dominated by casinos catering to the Chicago market, were $103 million, a 3.1 percent increase.
Meanwhile, Missouri casinos benefited from more liberalized gaming laws. In July, Missouri casinos reported gaming revenues of $152.8 million, an increase of 4 percent compared with a year ago.
Pinnacle Entertainment’s Lumiere Place in St. Louis reported $19.6 million in gaming revenues during July, a jump of 37 percent.
Greff suspected Lumiere Place, which is located downtown adjacent to the Gateway Arch, benefited from two events; the Major League Baseball All Star Game, held July 14 in nearby Busch Stadium, and a convention at the neighboring Edward Jones Dome that had an attendance of 20,000 to 30,000 delegates.