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Atlantic City Casinos Experiences Worst Revenue Decline In History

Atlantic City casinos have been dealing with a wave of bad luck that began back in 2008 with the economic recession. In the months since, the casinos in the city have been trying desperately to bring customers back, but just as things were looking up, Hurricane Irene blasted through the city last month.The result of one of the worst storms that new Jersey has seen in years was a revenue decline at AC casinos that was the worst in the history of the industry. The twenty percent decrease from the same period the year before left the industry again searching for answers.”I don’t know how this city is going to survive if they keep having setbacks like this,” said Norman Balder, a longtime dealer in Atlantic City. “The casinos account for a large portion of revenue for the city and state, and if they keep experiences these types of setbacks, it is unlikely the economic model can stand up in the long haul.”State legislative leaders already understood that to be the case. Last year, Governor Chris Christie led a series of meetings in which the objective was to find ways to revive not only the casinos, but also race tracks in New Jersey. The racing industry has fallen on just as hard times as the casinos, and Christie has been searching for answers on how to fix the problem.One solution was left on the table by Christie earlier this year. Lawmakers passed legislation that would have regulated online gambling in New jersey, but Christie bowed to political pressure from within his party and vetoed the bill. Senator Raymond Lesniak, the author of the bill, has since revamped the proposal and is set to pass it again later this fall.New Jersey and Nevada have both been the staples of the gaming industry in the US, but both states have fallen off in recent years. In August, revenue at AC casinos was $278.8 million, down 19.8% from August of 2010. In March of 2009, revenue dropped just over nineteen percent, the second largest decrease in the thirty-three year history of the industry.…