Sandy Wrapped Up a Bad Month of Revenue for Atlantic City Casinos
October turned out to be a bad month for Atlantic City casino business, and Sandy's arrival only made things worse.
Reports out today from the Division of Gaming Enforcement showed that the A.C. casinos only generated $209 million in October, which is $52 million less than what was made in gambling revenue during the same month last year.
With estimates that the casinos would have lost $5 million per day they were closed, October was already heading down a downward path before the "Super Storm".
Recovery for the casinos is off to a slow start. The recent cancellations of the NJEA Convention (first time ever) and the League of Municipalities has translated into a $30 million loss for the city's economy (according to Don Marrandino from Caesars Entertainment). The Press of Atlantic City reports that the 4 Caesar's Entertainment properties following the storm were less than 50 percent of normal occupancy.
The recovery may begin this weekend, staring with the Carrie Underwood concert tonight at Boardwalk Hall, and spring-like weather for this weekend (high around 60 on Saturday, and 65 in Sunday).
Other big shows that could help spur on Atlantic City this month include top comedians Wanda Sykes (Nov. 16 and 17 @ The Borgata), Mike Epps (Nov. 17 @ Showboat's House of Blues), and Brad Garrett (Nov. 24 @ The Borgata), "Long Island Medium" Teresa Caputo (Nov. 24 @ The Trop), the So You Think You Can Dance tour (Nov. 23 @ Trump Taj Mahal) and legendary rockers Aerosmith (Nov. 23 @ Revel).
Be listening to SoJO for your chance to win tickets to many of these great shows this month.