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

60 Minutes Looks at Bitcoin

60 Minutes Looks at Bitcoin ...And the Guy Who Spent $800 Million of it on Pizza

This Sunday May 19 at 7 pm EST on CBS (though most certainly delayed a bit with the conclusion of the PGA Championship), the long running CBS news magazine takes a look at the cryptocurrency bitcoin.

Bitcoin Eclipses $8K Mark

Bitcoin Eclipses $8K Mark

Just a day after Bitcoin shot over the $7000 mark, the cryptocurrency has now peaked at over $8000, hitting $8169 before dropping back to around $7900 Monday night.

Create a Bookie Website

Create a Bookie Website

You can create a fully customized professional bookie website in under an hour, no matter where you live, no matter how many customers and for just a mere $5 per player per week.

Price of Bitcoin Continues Charging Upwards Despite Binance Security Breach

Price of Bitcoin Continues Charging Upwards Despite Binance Security Breach

Bitcoin, now accounting for upwards of 70% of all funding for online gambling sites operating in the so-called "grey" and "restricted" markets (encompassing some three quarters of the globe), continues to see huge gains in recent days despite ongoing issues with one of the largest cryptocurrency exchanges.

Is StandardPerHead a Good Pay Per Head?

Is StandardPerHead a Good Pay Per Head?

StandardPerHead.com has existed since 2010.  The company has managed to enjoy success over the past few years.  There is little to suggest that StandardPerHead.com is not a good Pay Per Head.

Syndicate