The East Coast gambling hotspot of Atlantic City, N.J., is not likely to give its desert rival Las Vegas a run for its money anytime soon, Caesars Entertainment Chairman and CEO Gary Loveman told CNBC on Thursday.
"There are two offsetting forces at the moment," Loveman said in a "Squawk Box" interview. "The business has been contracting over the last few years as a result of so much new competition. [And] it makes it hard for people to invest in that market."
The American Gaming Association said that gambling revenues in Atlantic City totaled $3 billion last year—down 42 percent from the 2006 peak of $5.2 billion.
(Read more: Stronger than the storm? Maybe not Atlantic City)
By contrast, gaming revenues from the Vegas Strip were $6.2 billion last year—down only about 9 percent from the 2007 high of $6.8 billion.
But Las Vegas has become a lot more than just gambling with entertainment, nightlife, top restaurants, and family-friendly attractions.