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Norwegian Cruise Line CEO Says Gambling on the High Seas is Strong

7/16/14 4:43 PM EDT
Norwegian Cruise Line's CEO Kevin Sheehan says the company is continuing to see an increase in its gambling revenue onboard its' ships. It is a trend the company has seen continue to gain in popularity over the past six years. Norwegian’s onboard revenue yield increased by roughly 32%, aided by its casino operations. But while more cruisers may be gambling on the high seas, gambling destinations are not faring quite as well. The Atlantic City gambling industry has suffered due to over-saturation and competition from other states. The 11 casinos that operated in Atlantic City in both 2014 and 2013 reportedly increased their revenue by a mere 4% in June of this year. Weak industry revenue in the former gambling hotspot is only one unfortunate issue, the other is the announcements of major casino closures in upcoming months, including Trump Plaza, Showboat, and Revel. Could the decline in gambling destinations be a boon for cruise operators like Norwegian who have a captive audience. TheStreet's Retail Contributor Brian Sozzi reports from New York.
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