The New York Times is running the following article from the Associated Press regarding Atlantic City casino yearly profit reports. According to the released report although revenues taken down were a staggering $4.92 billion that this is actually cause for concern for the Eastern gambling Mecca. Since 1978, profits for the casino city have steadily increased, but not so for 2007. Profits in 2006 were listed as $5.21 billion.
Blame is being zeroed in on competition from outside Atlantic City, primarily slot parlors which have opened in Pennsylvania and New York. A partial smoking ban is also a contributing factor.
What this brings to my mind, is what sort of affect will the opening of casino gaming in West Virginia (Wheeling Island and Mountaineer Casinos) do to the Pennsylvania market? Obviously there will be a huge impact. By the same token thinking further down the line, will these future losses fuel efforts to push for casino gaming in Pennsylvania, and elsewhere including Kentucky, when slot parlor visitors make their exodus from their own home states and cross the West Virgina borders, in search of something other than the slot machines being offered?
If approved elsewhere, what will ultimately be the saturation point for new casinos. Exactly how many is too many, and what can revenues actually support in the long term? Which casinos or better yet which state(s) will emerge as the winners in the Gaming Wars?
The answers to these and many other questions will provide a wealth of topics of discussion from now until well into the next decade and beyond I'm sure. I'll continue to throw my two cents worth into the mix for what it's worth, and keep my blog minions apprised of the situation. Stay tuned!
Regards,
cheer_dad
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