Even with the property opening softly in April and grandly in May, Atlantic City casino gaming revenues fell almost 10%. Hey, excluding Revel those revenues fell almost 15%. Even though there was a small boost in revenue it seems as if birdies are chirping with some disappointment.
Despite the much-anticipated addition of the Revel mega-casino, Atlantic City saw a heavy decline in gambling revenue last month, prompting some operators to question openly whether the $2.4 billion newcomer would provide the economic lift the resort had hoped for…
…”Revel’s results came in weaker than expected,” said gambling analyst John Kempf of Wells Fargo Securities L.L.C. Revel had gambling revenue of $13.4 million in April, its first full month in operation; it posted $13.9 million last month, again ranking eighth among Atlantic City’s dozen casinos.
This should come as no surprise. Revel has been called Cosmopolitan East by many casino dorks, like me, because of their lack of focus on the gaming portion of their casino.
It should be obvious that it’s too early to say that Revel is a failure and won’t change things in Atlantic City. After all, change doesn’t happen quickly. If food, beverage and entertainment are the future streams of income for a casino that are more important than gaming this slow start may just be setting up Revel to be the “game changer” many think they will be.