There wasn’t a lot of Christmas cheer to be had in Atlantic City, where citywide gambling revenues fell 13%. However, for the surviving operators, the take was up 7% on a “same-
store” basis (i.e., discounting the casinos that have closed). Online gambling chipped in $11 million of the $180 million Boardwalk gross, in a 23% increase from November.
Citywide, slot revenue and handle fell 14%, while table game play was off 20%, resulting in a 11.5% revenue slide. (In other words, the casinos played relatively lucky.) Borgata revenue was up $13 million, for a gross of $50 million. Its table revenue rose 14% and 6% heavier slot play resulted in a 13.5% higher gross.
Harrah’s Resort was up 11% ($30 million), Bally’s Atlantic City pulled itself out of a recent swoon with a 5% increase ($17 million — enough to reprieve it from Gary Loveman‘s wrath?) and Caesars Atlantic City slipped 6% ($28 million). There was a spectacular tumble at Trump Taj Mahal, which fell 35% ($11 million), as CEO Robert Griffin continues to run it straight into the ground.
Carl Icahn‘s Tropicana Atlantic City, by contrast, had a spectacular month, ascending 24% ($20 million). The only more dazzling statistic was a 47% increase at the Golden Nugget, whose grosses reached the $14 million level. At $11 million — enough for a 21% increase — Resorts Atlantic City held its own. It’s ironic, though, that Bally’s could be on the chopping block, despite grossing roughly 65% more.
* Columbia Sussex‘s casino aspirations in Kentucky were toast a long time ago but it’s going to be stuck with intended casino facility Bavarian Brewery. The Covington City Council voted 
unanimously to deny ColSux’s request to demolish the building. Said Commissioner Bill Wells, “I see no evidence from Columbia Sussex that supports that this building has to be torn down to be marketed.” (ColSux is trying to re-sell the building at a profit.) The battle to save the brewery, however, is far from won. ColSux hasn’t ruled out a court challenge. The company tried to make the argument that the city was engaged in an illegal taking, but commissioners weren’t having any of it. They also questioned why ColSux was asking $7 million for a building it valued at $1 million.
ColSux attorney Scott Thomas complained that his company was being placed in a Catch-22. “On one hand, they’re being told they can’t demolish the building, which would enable them to get a suitor to develop the property and begin to stem the blight in that area, and on the other hand they’re being told you can’t permit to demolish the building because you don’t have that suitor yet.” However, area property owner Mark Ramler dissented from the “blight” claim, saying he’d bought a nearby structure precisely because of its proximity to the brewery. He said, “If this building is torn down, it will deflate and damage the entire city of Covington, and nothing new on this site can even compare to the Bavarian.”
