Report Predicts Bleak Year for Atlantic City
The Spectrum Gaming Group anticipates Atlantic City's casino revenue will drop more than 13% this year. On the other hand, casinos in Pennsylvania, New York, Delaware and Maryland are expected to see nearly a 27% surge in revenue.
The main reason for the dramatic drop in Atlantic City gambling numbers is that the city -- home to 11 casinos -- has nothing new to draw travelers in this year, while the surrounding area is continuing to add casinos and other attractions.
Spectrum predicts Atlantic City will have lost 41% of its business since 2006.
"There are a lot of challenges ahead for Atlantic City," Shawn McCloud, director of financial analysis for Spectrum, tells the Associated Press.
"A lot of the reason for that grim forecast is there's no catalyst in sight to turn that around," says McCloud. "There's not new casino opening this year, no one is adding a major hotel expansion. There's no spark for Atlantic City this year."
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Photo, Daquella Manera, flickr.