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Atlantic City on Perpetual Losing Streak

NEW YORK ( TheStreet) -- How much worse can Atlantic City's gambling business get? It looks like a lot, as the New Jersey gambling hub reported an 11.1% plunge in June to $286.8 million.

These are the worst results coming out of Atlantic City since February's 15.7% plummet, which doesn't bode well for the months ahead.

Other than being hurt by sheer consumer cutbacks, Atlantic City is falling prey to the recent introduction of table games at casinos in Pennsylvania and Delaware. As a result, table-game revenue in Atlantic City dropped 16.2% to$79.9 million, while slots fell 9$% to $206.9 million.

Borgata, which is co-owned by Boyd Gaming (BYD - Get Report) and MGM Resorts (MGM - Get Report), saw an 11.7% drop off to $51 million during the month.

Casinos were in the red Monday afternoon, with Las Vegas Sands (LVS - Get Report) declining 1.9% to $22.87, Wynn Resorts (WYNN - Get Report) losing 3.5% to $76.88, MGM slipping 1.7% to $9.80, Boyd off 2.2% to $8.39 and Isle of Capri Casinos (ISLE - Get Report) falling 3.1% to $9.10.

-- Reported by Jeanine Poggi in New York.

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SYM TRADE IT LAST %CHG
ISLE $17.83 -1.70%
LVS $54.45 0.57%
MGM $18.30 1.60%
WYNN $97.96 -0.05%
BYD $16.80 -2.10%

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