Sandy causes record drop in NJ casino revenues

Sandy causes record drop in NJ casino revenues

Credit: AFP/Getty Images

An areal view as seen from onboard Air Force One as it fly to Atlantic City, New Jersey, on October 31, 2012 with US President Barack Obama to visit areas hardest hit by the unprecedented cyclone Sandy. Americans sifted through the wreckage of superstorm Sandy on Wednesday as millions remained without power. The storm carved a trail of devastation across New York City and New Jersey, killing dozens of people in several states, swamping miles of coastline, and throwing the tied-up White House race into disarray just days before the vote. AFP PHOTO/Jewel Samad (Photo credit should read JEWEL SAMAD/AFP/Getty Images)

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by Associated Press

WCNC.com

Posted on December 10, 2012 at 3:59 PM

ATLANTIC CITY, N.J. (AP) -- Superstorm Sandy led to the biggest monthly drop in casino revenue in the 34-year history of legalized gambling in Atlantic City, N.J. 

Closures due to the storm sent Atlantic City's casino revenue plunging nearly 28 percent in November.  

The casinos closed on Oct. 28, the day before the storm hit, and began reopening Nov. 2. It wasn't until Nov. 5 that all 12 casinos were back in operation. That led to a 19.9 percent decline in casino revenues in October, the previous largest monthly drop ever. 

The casinos took in $176.6 million in November, a decline of 27.9 percent from November 2011, when they were open a full month.  

Tropical Storm Irene forced the casinos to close for three days in August 2011, causing a 19.8 percent revenue plunge.  
 

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