AC Casinos in the Red … Again

113008 Atlantic City casino
AP

For the second year in a row, Atlantic City's 11 casinos have won less money from gamblers.

Figures due out this afternoon from the state Casino Control Commission will document the second year of decline in a resort that had been used to seeing revenues do nothing but rise. Before this, casino revenues increased for 28 straight years since legalized gambling began here in 1978.

But Atlantic City is being battered by a recession that's leaving people with less money to gamble, as well as cutthroat competition from slots parlors in Pennsylvania and New York.

One casino president expects the 2008 decline to be about 8 percent. It fell 5.7 percent in 2007.

Copyright AP - Associated Press
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