..

Atlantic City Profits Way Down: Sports Betting a Must

Written by:
C Costigan
Published on:
May/21/2009
Atlantic City

It's more bad news for Atlantic City as the East Coast casino empire witnessed gross operating profits decline by more than 38 percent in the first quarter of 2009.

Atlantic City has suffered especially hard from the worldwide economy proving that gambling is not a "recession proof" industry. 

Operating profits totaled $151.2 million for the three-month period compared to $243.8 million for the same period last year. Net revenues fell by 16.2 percent for the period to $925.2 million.

The Borgata Hotel Casino & Spa led the city with gross operating profits of $47 million for the quarter, but they were still down 16.6 percent, according to reports.

In addition to the recession, Atlantic City has fallen victim to competition from nearby New York City suburbs and Philadelphia, all of which have begun opening up slot parlors.

New Jersey state officials have contemplated legalizing online sports betting in an effort to boost both the state and Atlantic City economies. 

In March, The Interactive Media Entertainment & Gaming Association (iMEGA.org) announced that they will challenge the Federal law that prohibits the expansion of sports wagering to all but four states. iMEGA is joined in its suit by the New Jersey Thoroughbred Horsemen's Association, The Thoroughbred Breeders Association of New Jersey, the Standardbred Breeder & Owners Association of New Jersey and New Jersey State Senator Raymond Lesniak (D-Union).

"It makes sense to take this huge underground national marketplace, estimated at more than $360 billion annually and bring it out into the light of day," said Joe Brennan Jr., chairman and CEO of iMEGA.

The latest numbers coming out of Atlantic City are widely believed to be the push needed for other politicians to support attempts for legalized sports wagering in the state, in particular Governor Jon Corzine, who has remained on the fence regarding this crucial issue.

Christopher Costigan, Gambling911.com Publisher 

Business/Financial News

Why Online Gambling Companies Need to Incorporate Bitcoin SV

The gambling industry has a lot to gain by adopting Bitcoin SV, and they can learn how at CoinGeek Live. Jimmy Nguyen talks about what you can expect to see with CoinGeek's Rebecca Liggero.

CoinGeek Live Presents: Cashless Casinos: How Bitcoin Technology Offers A Better & Safer Gaming Experience

Live from studios in both New York and London experts from the iGaming industry gather to talk about the way forward for the casinos across the world. The conference will, naturally, be virtual but it is far more than just ‘Zoom-heads’ on a black background. This panel will not only offer interaction and questions form delegates but also be broadcast live from The Manhattan Studio (NYC) and Kennington Studios (London) from 10:15am EST on Friday, October 2nd. 

No Retail Crypto-Wide Bull Run Likely for Rest of 2020

No Retail Crypto-Wide Bull Run Likely for Rest of 2020

Joel Birch, co-founder of automated crypto investing platform Stacked, says crypto prices may still be weighed down by a difficult global economic atmosphere.  His remarks come as the Covid-19 pandemic continues its stranglehold across the globe with a second surge now occurring in Europe.

How Can I Bet Online From South Africa Using Bitcoin

How Can I Bet Online From South Africa Using Bitcoin

Many folks opt to gambling online with sites licensed outside the country of South Africa using Bitcoin and other cryptocurrencies.  Bitcoin transactions take place in under a few hours and are even available during weekends, all with extremely low fees.  It is important to stay clear of the so-called “Bitcoin Revolution South Africa”.

How Can I Bet Online From Holland Using Bitcoin

How Can I Bet Online From Holland Using Bitcoin

Many folks opt to gambling online with sites licensed outside the country of Holland using Bitcoin and other cryptocurrencies.  Bitcoin transactions take place in under a few hours and are even available during weekends, all with extremely low fees.

Syndicate