I hate to admit when I'm wrong. But if I'm gonna make a big stink about it when I'm right, I guess I have to cowboy up when I blow the call.

I was pretty cocksure, back in the late spring, when I fearlessly predicted to various folks that given the weak economy and the high cost of travel (especially air travel), this was going to be (with apologies to George Constanza) "the summer of Atlantic City." After all, with 50 million adults living within a three hour drive of the place, how coulds it not be slamming this summer?

More to the point, I can recall saying on several occasions that "If they can't make money in A.C. this summer, they might as well just close up shop."

Well, maybe it's time to close up shop. The July casino revenue figures are out, and they ain't pretty. Keeping with a trend that has been going on for months, the industry's July gross is down 6.6 percent from July '07. In dollars and cents, that means some $31 million less was collected at the slot machines and tables--a whoppingmillion bucks a day.

The news was particularly bad for Colony Capital LLC, whose two properties, the Atlantic City Hilton and Resorts Atlantic City, were down 22.8 and 19.7 percent respectively. Trump Marina, which may or may not be sold later this year (see previous post), clocked in at a even minus-20 percent.

Of course, not every casino took such a hit. Harrah's Resort Atlantic City saw a year-to-year increase of 19.7 percent (canceling out, I guess, Resorts). This is no doubt a positive response to the recently completed $550 million expansion.

Borgata also managed to stay in the black, but barely, gaining 1.9 percent over last July's figures. The other seven properties were all awash in red ink.

So what does this mean? Ask six "experts" and you'll probably get six different answers. But from here it looks like the industry has to continue to look to a future where the lack of senior citizen slot players will be irrelevant, because younger, more affluent, cash-on-the-barrelhead visitors will be flocking in increasing numbers to the re-invented seaside resort for ultra-luxe hotels, spas and restaurants as well as an array of entertainment unavailable anywhere east of Vegas.

Things will--eventually--turn around. They always do. And when they do, AyCee will be well-positioned to take advantage of a booming economy and more and more disposable income.   

Until then, the casino folks are just gonna have to dig in and keep reminding themselves good times are ahead...