Pennsylvania Takes a Bite Out of NJ Casino Revenue
Between January 1 and October 31, Pennsylvania casinos raked in $837.6 million. Meanwhile, New Jersey's slots revenues slid to $2.9 billion, down nearly 5 percent, or $152 million, from the state's year-to-date slots revenues in 2006.
"This will probably be the first year Atlantic City does not have year-over-year growth in gaming, and of course that's attributable to slots in Pennsylvania," says Jeff Vassar, executive director of the Atlantic City Convention and Visitors Authority.
Since Mohegan Sun at Pocono Downs opened last November, five other casinos have opened and added to the steadily growing stream of Pennsylvania casino revenue. Philadelphia Park Casino & Racetrack in Bensalem is generating the most slots money -- $236.7 million since January -- with Harrah's Chester Casino, at $235.3 million, close behind.
How much Pennsylvania casinos will bite into New Jersey's share of the market once all of the state's 14 slots parlors are open remains to be seen. But industry analysts say they have little doubt the country's second-most popular gaming town will continue to thrive.
In the long run, gambling in Pennsylvania could benefit Atlantic City if people are exposed to gambling and enjoy it, says Bill Eadington, director of the Institute for the Study of Gambling and Commercial Gaming at the University of Nevada, Reno. Those new gamblers might decide they want to try their luck at a gaming destination rather than the local slots parlor, he said.
"You grow the market," Eadington says. "You introduce more people to gaming who didn't otherwise think about it."
For the full story, visit:
http://www.mcall.com/news/local/all-a1_5slots.6143164nov18,0,3024986.story.
"This will probably be the first year Atlantic City does not have year-over-year growth in gaming, and of course that's attributable to slots in Pennsylvania," says Jeff Vassar, executive director of the Atlantic City Convention and Visitors Authority.
Since Mohegan Sun at Pocono Downs opened last November, five other casinos have opened and added to the steadily growing stream of Pennsylvania casino revenue. Philadelphia Park Casino & Racetrack in Bensalem is generating the most slots money -- $236.7 million since January -- with Harrah's Chester Casino, at $235.3 million, close behind.
How much Pennsylvania casinos will bite into New Jersey's share of the market once all of the state's 14 slots parlors are open remains to be seen. But industry analysts say they have little doubt the country's second-most popular gaming town will continue to thrive.
In the long run, gambling in Pennsylvania could benefit Atlantic City if people are exposed to gambling and enjoy it, says Bill Eadington, director of the Institute for the Study of Gambling and Commercial Gaming at the University of Nevada, Reno. Those new gamblers might decide they want to try their luck at a gaming destination rather than the local slots parlor, he said.
"You grow the market," Eadington says. "You introduce more people to gaming who didn't otherwise think about it."
For the full story, visit:
http://www.mcall.com/news/local/all-a1_5slots.6143164nov18,0,3024986.story.