BURZICHELLI TO ODDS MAKERS: A.C. GOOD PICK TO HAVE BETTER YEAR THAN VEGAS

BURZICHELLI TO ODDS MAKERS: A.C. GOOD PICK TO HAVE BETTER YEAR THAN VEGAS

Jersey’s Gaming Resort Healthier Than Competitors

(PAULSBORO) – Despite the recent drop in Atlantic City casino revenues, Assemblyman John Burzichelli – chairman of the Assembly Tourism and Gaming Committee – said a look at the numbers from casinos across the country actually show the New Jersey resort doing much better than its competitors.

Burzichelli said the doom-and-gloom scenarios many have painted when they look at Atlantic City’s revenue figures ignore the resort’s ability to weather the global economic storm and emerge as the nation’s leading gaming destination.

“No one can deny the downturn is hurting Atlantic City’s casinos, but our industry is in position to emerge stronger than Las Vegas’ storied strip,” said Burzichelli (D-Gloucester). “It’s easy to look at numbers and think the sky is falling. But when they are taken into context across the industry as a whole, Atlantic City looks like a good bet, after all.”

Burzichelli noted that while Atlantic City’s casinos saw winnings decrease 5.5 percent over the three-month summer season, Las Vegas experienced a more than 12 percent drop-off.

In August, Atlantic City realized a .7 percent revenue increase at the same time Vegas registered a 10.2 percent drop.

Even though Atlantic City’s September revenues dipped 15 percent, Burzichelli said he expects Las Vegas to fare worse when those numbers are released next month.

The current eight-straight months of losses is Las Vegas’ longest losing streak in the 25 years the Nevada Gaming Control Board has monitored revenues.

Atlantic City’s September drop also is less than the 16 percent falloff at Connecticut’s Foxwoods Resort.

The Assemblyman said even though Las Vegas’ year-to-date decrease of 4.3 percent is less than Atlantic City’s 6.5 percent, the fact that New Jersey does not allow sports betting means the state’s casinos can not take advantage of the Super Bowl – Las Vegas’ biggest money-maker.

“Take sports-betting off the table and Atlantic City breaks even with Vegas – at least,” said Burzichelli.

Burzichelli also noted that construction in Atlantic City is continuing. Already this year, the city has seen the openings of the Borgata’s 800-room Water Club, Harrah’s 960-room hotel tower and the 330-room Chelsea Hotel. Also, Revel Entertainment continues construction of its $2 billion oceanfront casino resort.

Las Vegas, on the other hand, has seen projects worth more than $10 billion stalled, which has impacted the regional economy. In just the past year, the city’s unemployment rate has jumped 2.1 percent to 7.1 percent.

“The simple fact is that Atlantic City, while down, is far from out,” said Burzichelli. “In my mind, there is no reason to doubt that the future is far brighter along the shore than it is in the desert. Instead of the monthly wringing of hands when the casino revenues figures come out, we need to look at the big picture. Atlantic City is poised to not just remain the East Coast’s premier gaming resort, but to become the world’s preferred destination.”