Already two new joints have opened and a third one, which will be operated by Foxwoods, is set to open in November 2008.

According to figures released at the close of business last Friday by the New Jersey Casino Control Commission, the dozen casinos in Atlantic City collectively shed 2.9 percent of revenue compared to January 2006. In all, gaming revenue slipped to $394.5 million, while slot machine take dropped a colossal 7.2 percent to $271.8 million. Approximately 20 percent of gamblers in Atlantic City come from the Philadelphia region.

In Pennsylvania, the two open Philadelphia area casinos have pulled in more than $38 million gross revenue through February 2 of this year. Harrah’s Chester Downs, which only opened on January 22, has pulled in more than $12 million gross revenue in its first two weeks of operation. Philadelphia Park opened on December 19, 2006. Combined, those two casinos have about 4,800 slot machines.

At Trump Entertainment Resorts, which has consistently lost money at its trio of Atlantic City properties, said he believes that legalized Pennsylvania gaming is cutting into the City by the Shore’s revenues. Philadelphia is just an hour from Atlantic City.

“In January, we felt the first effect, I think, of both Philadelphia Park as well as the Chester opening,” said James B. Perry, president and CEO of Trump Entertainment Resorts Inc during a conference call last week. He feels that the new casinos will be drawing people to check them out, but the Atlantic City casino market should be able to adjust to the changes in the marketplace in due time.

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For the fourth quarter and year ended December 31, 2006, Trump Entertainment reported a loss from continuing operations of ($10.3 million) or ($0.33) per share for the quarter ended December 31, 2006 compared to a loss from continuing operations of ($26.1 million) or ($0.86) per share for the three months ended December 31, 2005.

Darlene Monzo, vice president of marketing for Philadelphia Park, told the Press of Atlantic City she feels her customers are visiting both the Shore and her casino.

“I think customers who come here will continue to go to Atlantic City. But we are in a prime location. Customers who had to drive an hour and a half to go to Atlantic City only have to drive 20 minutes to get here,” Monzo said.

Since the Borgata opened in August 2003, Atlantic City has been repositioning itself as a multi-day resort town. Before the Borgata, the average stay of a visitor at that time was eight hours. Billions have been poured into the city to add many new amenities such as restaurants, nightclubs, entertainment venues and retail outlets. New hotel towers have opened at Tropicana, Harrah’s and Resorts. Now additional hotel rooms are going up at Taj Mahal, Borgata and yet another Harrah’s expansion.

According to the Pennsylvania Gaming Control Board, the amount of money wagered at Pennsylvania's slots casinos surpassed $1 billion over the weekend - less than three months after the opening of the first slots facility. To date, gaming has generated more than $275 for the Commonwealth, including $50 million in licensing fees paid by casino operators and their suppliers.

Casino patrons wagered $1.06 billion through the weekend ending February 11 and won $960.8 million. Excluding promotional plays and state-approved adjustments, which are not taxed, slots have generated $54.3 million in tax revenue. Pennsylvania has a 55 percent tax rate on gross terminal revenue, which is the difference between wagers and payouts.

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