the City by the Sea’s August gross gaming revenues were down a shocking 5.9 percent for August, while same casino revenues were down 2.9 percent (one property, the Sands closed in November 2006). Overall the city saw casino gambling revenues of $465.2 million for august, a drop from the $494.4 enjoyed in August 2006.

It’s a sob story worth repeating as the city’s numerous outdated casino complexes, tied with the expansion of gaming in nearby jurisdictions are combining with more stringent anti smoking legislation to create a perfect storm. The storm is washing away expected profits as gamblers flock to other markets and causing many of these venerable properties to lay off numerous executives.

To make Atlantic City casino executives feel even worse, casino gambling revenue in the United States is at an all-time high. And it seems as if Atlantic City is the only market missing out on these rosiest of times.

The most significant drop in revenue came with slot revenues. Market wide slot revenues plummeted 11.0 percent year over year as slot handle dipped 11.3 percent. It was enough to send the entire market into a tailspin. The problem here is that nearby Pennsylvania has added slot parlors, which have been opening during the last year. And since Pennsylvania has been one of the predominant drivers of Atlantic City business, former Atlantic City customers ate shaving hours off their trips by staying closer to home.

For the next couple of years the prognosis will continue to be grim as new properties open in the Philadelphia market and elsewhere in Pennsylvania. Atlantic City is expected to be home to several major new casino resort projects within the next five years, which could stabilize the city’s revenues.

For now Atlantic City still has an advantage when it comes to table games – something Pennsylvania does not have-- and in August the market saw a 7.0 percent increase in table game revenues.  Table drop increased 1.3 percent as well.

Harrah’s Entertainment experienced modest gains for its four properties, which saw a 1.1 percent revenue increase. Slot revenues at Harrah’s properties -- which includes Harrah’s Atlantic City, Caesars Atlantic City, Showboat and Bally’s – saw a 4.7 percent decrease in slot revenue, while table game revenue soared 22.4 percent. Caesars revenues climbed an impressive 10.8 percent mostly attributable to strong table revenues which climbed 34.9 percent. Harrah's AC revenues saw revenue increases of 7.1 percent on a 49.6 percent increase in table game revenues.  Revenues dropped fell 11.2 percent and 3.7 percent at Showboat and Bally's, respectively.

Surprisingly, Borgata saw revenue drop 4.0 percent to $70 million for the month, but overall this year its revenues are up 2.7 percent to $507.5 million.

Not surprisingly, The Donald’s three Trump casinos continued a downward slide with revenues for Trump Taj Mahal, Trump Plaza and Trump Marina which collectively were down 2.6 percent for the month. Slot revenues dropped 8.1 percent, however table revenues grew 11.7 percent.  Taj Mahal had the strongest performance, which saw a 2.4 percent increase due to a colossal 26.6 percent jump at the tables which more than absorbed a 10.8 percent decrease in table drop. Trump Marina revenues fell 13.9 percent while Trump Plaza revenues dropped 1.3 percent.

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