Making the News

Press of Atlantic City

Originally Published:Monday, October 29, 2012
http://www.pressofatlanticcity.com/news/press/atlantic_city/hurricane-costs-atlantic-city-casinos-million-per-day/article_7c8591ca-21ec-11e2-86c7-001a4bcf887a.html

Hurricane costs Atlantic City casinos $5 million per day

By Donald Wittkowski
Press of Atlantic City

Hurricane Sandy adds to the industry's difficulties, including six straight years of revenue declines caused by fierce competition from casinos in surrounding states and the fragile economy.

“Some of that revenue will never be made up,” Michael Pollock, a casino analyst and managing director of Spectrum Gaming Group, said of the financial losses from Hurricane Sandy.

Despite millions in lost revenue, Rodio said the storm's financial consequences should be viewed as only a short-term setback, not in catastrophic terms.

“This is a one-time occurrence,” he said. “Wall Street won't say, ‘Oh, my God.' You have to take this one-time occurrence and put it in perspective. I don't see this as having a long-term effect on the industry one way or another.”

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