Nine of the 11 Atlantic City casinos reported revenue declines last month, reaffirming the obvious: The weak economy and competition continue to strike a one-two punch on the seaside resort.
The town's 11 casinos reported $284 million in revenue last month, down 12.3 percent from a year ago, according to the New Jersey Casino Control Commission.
The revenue figures came out today, the same day that Robert Griffin officially took over as Trump Entertainment Resorts Inc.'s new chief executive officer. Griffin replaced Mark Juliano.
Griffin, 51, who was previously president and CEO of MTR Gaming Group Inc. - which owns and operates casino and racetrack facilities in West Virginia, Pennsylvania and Ohio - takes charge as the three Trump Entertainment casinos face what all of Atlantic City is dealing with: plummeting gambling revenues.
Trump Taj Mahal and Trump Plaza - showed double-digit revenue declines of 17.1 percent and 17.8 percent, respectively, last month. Only Trump Marina reported an increase, up 3.4 percent in gambling revenue from a year ago.
Market leader Borgata reported the smallest revenue decline, 0.4 percent, while Showboat had the highest at 22.7 percent.
"Gaming revenues are down because of the increased competitive environment," said commission chairwoman Linda Kassekert.
But she did add that non-gaming revenue, such as from hotel rooms and restaurant receipts at the casinos, were up.
For the first 10 months of the year, gaming revenues at the Atlantic City casinos were $3.1 billion, down 9.1 percent from the same period in 2009.
Meanwhile, Pennsylvania's 10 gambling halls continue to roll. Slots revenue last month was up 11.5 percent from October 2009, when only nine casinos were open in the state. Table games revenue totaled $36.9 million in September, the most recent data available and only the second full month the casinos there began offering games, such as blackjack and poker.