Casino revenues were down 7.3 percent to $793.9 million in the first quarter of 2011, contributing $62.3 million in tax revenues to the Casino Revenue Fund for the first quarter of this year and $9.9 million in Casino Reinvestment Development Authority (CRDA) obligations. The Casino Revenue Fund goes to state programs that benefit senior citizens and the disabled. The CRDA, which is funded through 1.25 percent of gross casino revenues, provides capital investment funds to Atlantic City.
The drop in casino revenues is not a surprise, since Atlantic City has been under siege from competitive states for the past couple of years. Revenues from table games were down 10.4 percent in the first quarter, while slot machine revenues dropped 5.8 percent.
While almost every casino saw a reduction in “win” — or revenues from gambling — some casinos fared worse than others. The three Trump casinos saw a drop of $28.2 million on total first quarter revenues of $144 million, over the same period last year. Bally’s also saw a reduction of $16 million for the first quarter, from $106 million to $90 million. On the other hand, Resorts saw a slight increase in revenues of $40,000. Borgata, Caesar’s and Harrah’s Marina were down but not dramatically.
This information is available online from the state for the first time due to a new law that was signed in February abolishing the Casino Control Commission and creating the Department of Gaming Enforcement under the Attorney General.