Atlantic City

This week, the New Jersey Casino Control Commission released the bad news that gaming analysts had been expecting. Revenue at Atlantic City's eleven casinos was down over twenty-five percent for the first quarter of 2010.

In the first quarter of 2009, when the economic recession was in full swing, revenue at AC casinos was $148.7 million. To begin 2010, revenue dropped to $111.2 million, down 25.2% over the same period the previous year.

Atlantic City casinos have been ravaged by the recession, and a winter that included several snowstorms and below average temperatures contributed to the poor performance in the quarter. Now, the city will look to rebuild its failing gaming industry.

"Atlantic City casinos had better do something quick if they are ever going to regain the clout they once held within the gaming industry," said Gaming Analyst Steve Schwartz. "Other states sense the trouble that New Jersey casinos are in, and they are moving quickly to capitalize."

Among those states are Pennsylvania, Delaware, New York, Rhode Island, Maryland, and even Massachusetts. Pennsylvania may become the biggest threat, with lawmakers in the state legalizing table games earlier this year. The table games should be operational by this summer.

Although the gross operating profits dropped drastically for the first quarter, the net revenue fared much better. The casinos net revenue only fell by eight percent from the figures that were seen in the first quarter of 2009.