Casinos Positive as This Gaming Mecca Breaks 3.5-Year Losing Streak (LVS)
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Casinos are looking peppy Tuesday, following reports that revenues have finally come back for one former gambling mecca:
Atlantic City.
According to the New Jersey Division of Gaming Enforcement and the NY Post, Atlantic City casinos posted a revenue gain of 4.2 percent in December, which is the first time in three-and-a-half years its done so. Because you can't keep going down forever, amirite?
The 11 casinos in Atlantic City raked in $246.5 million for December, with slot revs up 8.3 percent and table games up 4.3 percent. Notably, slots make up more than 70 percent of revenue in the region.
Over 2011, casinos were still in the red; revenues for the 11 were $3.3 billion, down 6.9 percent from 2010. This is the fifth year that revenue for Atlantic City declined, as more and more surrounding states relax gambling laws.
Not that it's a big chunk for Las Vegas-based operators, but anything helps. Las Vegas Sands (NYSE: LVS) is leading the charge, about 3.3 percent higher, Wynn Resorts (Nasdaq: WYNN) is up 0.8 percent, MGM International (NYSE: MGM) is up 1.1 percent, and Boyd Gaming (NYSE: BYD) is up 1.7 percent.
Atlantic City.
According to the New Jersey Division of Gaming Enforcement and the NY Post, Atlantic City casinos posted a revenue gain of 4.2 percent in December, which is the first time in three-and-a-half years its done so. Because you can't keep going down forever, amirite?
The 11 casinos in Atlantic City raked in $246.5 million for December, with slot revs up 8.3 percent and table games up 4.3 percent. Notably, slots make up more than 70 percent of revenue in the region.
Over 2011, casinos were still in the red; revenues for the 11 were $3.3 billion, down 6.9 percent from 2010. This is the fifth year that revenue for Atlantic City declined, as more and more surrounding states relax gambling laws.
Not that it's a big chunk for Las Vegas-based operators, but anything helps. Las Vegas Sands (NYSE: LVS) is leading the charge, about 3.3 percent higher, Wynn Resorts (Nasdaq: WYNN) is up 0.8 percent, MGM International (NYSE: MGM) is up 1.1 percent, and Boyd Gaming (NYSE: BYD) is up 1.7 percent.
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