Atlantic City’s casinos have seen a 33 percent drop in revenue since 2006, capped by a fourth straight year of decline in 2010, according to a report released yesterday.
Revenue from the resort town’s 11 casinos dropped 9.6 percent in 2010 to $3.6 billion, gaming officials said. That’s way down from the $5.2 billion generated in 2006. The steady decline is attributed to a sagging economy and growing competition from other states, namely Pennsylvania.
In 2010, the Keystone State’s slot-machine revenue increased nearly 16 percent to $2.3 billion. Some gaming experts even expect Pennsylvania’s slot revenue to eclipse Atlantic City’s this year after four consecutive years of double-digit growth.
In a “60 Minutes” interview that aired Sunday, outgoing Gov. Ed Rendell lashed out at the idea that the state was taking advantage of gambling addicts. Visibly upset, Rendell claimed that gambling addicts existed before Pennsylvania legalized gambling, yelling “you’re simpletons, you’re idiots if you don’t get that.”