Tuesday, August 12, 2008

A.C.'s luck running out?

Want a sure sign that the economy has gone to hell in a handbasket?

Casinos are hurting. At least the ones in Atlantic City. And guess what? They have us to blame, at least in part.

By us I mean Pennsylvania, and our new foray into legalized gaming and our glittering slots palaces such as Harrah’s Chester Casino & Racetrack.

Down at the Jersey shore, they’re singing a different tune, battling a triple whammy of high gas prices, a lousy economy and increased competition in reporting another round of sagging revenue.

Overall the 11 casinos in Atlantic City are reporting their gambling revenue is off 6.6 percent.

Don’t shed too many tears for the gambling tycoons. They’re still making buckets of money. Just not as much as they usually do.

Atlantic City casinos reported their casino wins at $438.7 million in July. That’s down from $469.6 million in the same month last summer.

That’s not good news for A.C. because July is usually one of their banner months, when the town is jammed with summer vacationers looking to plunk down a few quarters.

Only the two gambling meccas not on the Boardwalk, Harrah’s Marina Resort and the Borgata, posted increases.

And yes, casino owners are pointing the finger at least in part to their new competition here in the Keystone State, where the seven operating slots parlors raked in $151.2 million in the month. That, coupled with high gas prices keeping bus and drivers at home, and a big turndown in the economy, have them singing the blues.

I know it’s not right to take pleasure from someone else’s misery. Just don’t hold your breath waiting for anyone to feel bad for the casino owners who are reporting their take well down from a year ago.

What’s that they say about Lady Luck?

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