Hurricane Irene, which lashed through the Caribbean, U.S. East Coast and as far north as Atlantic Canada, cost the Borgata Hotel Casino & Spa a massive $10 million in revenue.
The casino, as with all the others in Atlantic City, had to shut down for three days in late August as the storm hit the New Jersey coast.
Boyd Gaming, which owns half the casino, revealed the lost revenue figures on Tuesday while discussing third-quarter earnings.
Boyd’s chief operating officer, Paul Chakmak, said if it weren’t for the storm, the Borgata would have shown increases in both revenue and earnings for the third quarter, according to the AP.
But instead, the Borgata’s net revenues for the third quarter were down 2.7 per cent from the same time last year to $202 million, while earnings were down 7.4 per cent to $50.3 million, compared with $54.3 million in the same period in 2010.
Still, “there are reasons to be optimistic” about the Borgata, according to Boyd’s president and CEO, Keith Smith.
The casino remains Atlantic City’s top performer and accounted for nearly a quarter of all Atlantic City’s table games revenue during the third quarter this year.
The Borgata has secured almost 20 per cent of the entire Atlantic City gambling market, which is an all-time high for the company.
For the first nine months of this year, the Borgata raked in $492.4 million in gambling revenue, which topped any other casino in the city but was still down 1.2 per cent from the same period last year.
The casino averages about $1.8 million in gambling revenue per day.
Its next closest competitor, Harrah’s Resort Atlantic City, takes in just over $1.2 million a day.
Hurricane Irene forced Atlantic City’s 11 casinos to close for three days, causing an estimated $45 million worth of lost revenue in total during what would have been one of the busiest weekends of the year.
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