Lucky Gamblers impacting Atlantic City
It’s not been easy for Atlantic City. The casino gambling city is hit by the economic crisis and competition from online casinos and neighbouring states, and if that was not bad enough, lady luck has left the city.
Especially the Borgata Hotel Casino is affected by the luck of the gamblers, the $1.1 billion casino is complaining about the 9 million dollar dent to revenue in the third quarter, leading to a decrease of 7% in net income for the period to $207.7 million, and a decrease of 19.7% in gross operating profits to $54.3 million. Paul Chakmak, CEO of Borgata’s parent company, Boyd Gaming Corp said: “The most significant factor impacting Borgata’s results was lower table games revenue, which was largely a function of unusually lucky play by our customers. Had we experienced historical table games hold, we estimate revenue would have been $9 million higher during the quarter.”
Dave Coskey, vice president of marketing said: “We’ve always said that Borgata can be your lucky place. Our customers proved that during this month.” The loss of Borgata must not be taken lightly, the casino gambling market Atlantic City has been declining since the last 25 months. Although Borgata has the most sales of all 11 Atlantic City casinos, the $54.3 million gambling turnover is a decrease of 16.1% as compared to the previous year. The Borgata has also announced to cut off 3% of its work force to relieve the worsening situation.




