Atlantic City Continues Losing Streak
(Atlantic City article updated with Borgata revenue.)
NEW YORK (
) -- Atlantic City was dealt another losing hand this January, as gaming revenue for the month toppled 8.5%.
In the whole, Atlantic City's casinos pulled $294.2 million in gaming revenue during the month, as the New Jersey gambling hub has now logged more than two full years of revenue declines.
Numbers such as these are, of course, just the type of reasons
MGM Mirage
(MGM) - Get Report
has cited in its decision to put its chips into Macau, as opposed to Atlantic City. The casino operator announced on Monday that it will
put its Borgata interest into a divestiture trust
.
In January, the Borgata reported a 3.4% decline in gaming revenue to $56.2 million.
MGM has been battling with the New Jersey Casino Control Commission over its relationship with Pansy Ho, its joint venture partner in Macau. The Casino Control Commission labeled her an "unsuitable" business partner.
MGM co-owns the Borgata with
Boyd Gaming
(BYD) - Get Report
.
TheStreet Recommends
It is easy, then, to see why MGM would rather expand in Macau then A.C. Macau reported a 63.3% surge in gaming revenue in January to reach a record $1.58 billion in revenue.
And another sign that casino operators are losing interest in Atlantic City came last week when
Pinnacle Entertainment
(PNK) - Get Report
announced that it is abandoning its plans to develop in the area.
The company put its property, which was formerly home to
Las Vegas Sands'
(LVS) - Get Report
casino, up for sale.
-- Reported by Jeanine Poggi in New York.
RELATED STORIES:
>>MGM Looks to Extend Debt, Flee A.C.
Follow TheStreet.com on
and become a fan on
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
