Atlantic City Casino Revenue Continues to Fall- Down 10 Percent for July
Atlantic City gambling revenue has dropped from a high of $5.2 billion in 2006 to $3.3 billion in 2011. Many feel the drop is a result of a struggling economy and increased competition from neighboring markets, including Connecticut, New York, and Philadelphia. However, what analysts are not talking about is the fact that the casinos are using outdated marketing strategies and have failed to leverage today’s marketing tactics which could dramatically have a positive impact on the casinos and Atlantic City.
Kenneth Wisnefski, NJ-based entrepreneur, online marketing expert, and founder / CEO of WebiMax, feels “it is clear that Atlantic City gaming venues have not adapted to today’s marketing despite increased competition.” Wisnefski further states “their marketing strategies work to promote Atlantic City using tactics only visible to localized markets and there are millions of potential consumers their plans ignore.”
In addition, Wisnefski feels:
- Atlantic City gaming venues need to move their marketing strategies online. U.S. online advertising totaled $31 billion in 2011, and is expected to reach $50 billion in 2015. The problem is, casinos are so use to leveraging traditional marketing tactics, they have failed to adapt and unfortunately, their marketing strategies lag behind as we see in their poor financial results.
- We have seen local businesses in the hospitality and entertainment industries leverage such strategies including search engine marketing, social media marketing, paid search, and even conversion-rate optimization to bring in consumers outside of their traditional target markets. These plans work and the casinos are failing to deviate from the norm of billboard marketing, TV and radio commercials, and even mass-mailings.
- There is a ton of potential for Atlantic City and we’d like to see these casinos adapt to more integrated and comprehensive strategies that includes these tactics. If the casinos can get on board with today’s marketing strategies then Atlantic City can reverse the downward trend and start building revenue again.