Atlantic City sees another drop in profits

2007-12-11 16:37:14

Casinos in Atlantic City saw revenues drop again in November, with the money spent inside them falling by an average of 7.7 per cent from last year, it has been reported.

The taking decrease adds to the city's woes, with overall revenues so far this year down by 5.3 per cent on 2006, according to the Associated Press.

Michael Osanloo, spokesman for Harrah's Entertainment, called the news "very disappointing".

"Our slots volume continues to be affected by competition from Philly and New York," he explained.

Mr Osanloo's company saw revenues at its Caesar's Atlantic City fall by 15.1 per cent, as well as drops of 8.4 per cent at Bally's and 7.2 per cent at Harrah's.

Harrah's is the world's largest casino operator yet none of its casinos saw an increase in takings.

The company typically generates an annual profit of over $7 billion.