Atlantic City Profits Way Down: Sports Betting a Must

Written by:
C Costigan
Published on:
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

Rest in Peace Bitcoin?  Not Quite

Rest in Peace Bitcoin? Not Quite

Bitcoin ain't dead yet, nowhere near. Bitcoin is currently sitting at a $115 Billion market cap with each Bitcoin currently being worth $6,728.33.  The last time we saw a price point similar to this level was in early February, just 4 months ago. During that same month Bitcoin bounced back to over $11,000.

Inside the Cryptocurrency Revolution

Inside the Cryptocurrency Revolution

Vice News on HBO is set to premier a segment on the "Cryptocurrency Revolution", more specifically detailing Genesis Mining. 

Bitcoin Blockchain Acceptance Updates

Use of cryptocurrencies can be done anonymously.  Companies like JazzSports are leading the way by promoting anonymous accounts that only require a valid email account.  Payments are through a virtual wallet using the blockchain.  This means it no longer matters where the actual customer physically resides.

Bitcoin Purported Founder Craig Wright Says His BTC Fortune May Remain Locked

Bitcoin Purported Founder Craig Wright Says His BTC Fortune May Remain Locked

The man who claims to have invented Bitcoin and was ordered by a judge to surrender approximately $3 billion of his Bitcoin holdings says he can't, at least not any time soon.

Make Money as a Bookie

If you are looking to make money as a bookie then you will need two things, players that want to bet with you and a website where your players can make wagers on.