Atlantic City nosedives bigger than Wall Street

Atlantic City casinos took there biggest nosedive ever. Since 1978 they have never seen as big a drop in casino revenue and customers. This drop parallels the stock market drop from last week. And while the stock market drop is big news. The casino revenue drop in Atlantic City should be even bigger news.

¨In September, gambling proceeds fell 15 percent to $356 million, exceeding the previous record of an almost 14 percent decline set in January 1994. Revenue from tables at the city’s 11 casinos slid 6.2 percent, while slot-machine play dropped 19 percent, the New Jersey Casino Control Commission said today in an e-mailed statement.¨

I can only imagine over the course of the next 6 months we will continue to see casino revenues drop not only in Atlantic City but also throughout the country including Las Vegas. This will result in widespread job losses in Atlantic City and in the casino industry.

However I believe this will create a rise in online casino and gambling ventures if regulation can be passed that will make it easier to fund online gambling for Americans.