The official grand opening of the Planet Hollywood Resort and Casino took place Friday night in Las Vegas. Occupying the site previously hosting Aladdin’s, the new casino featured a performance by Barbra Streisand.

Ostensibly decorated in a retro, old-school Vegas look, Planet Hollywood’s casino features a new area known as the Pleasure Pit, with blackjack dealers in the skimpiest of outfits and dancers on platforms raised above the card tables.

Pamela Anderson will be a nightly performer.

As the Aladdin, the storied property has played host to many historic Vegas moments, such as Elvis Presley?s wedding to Priscilla in 1967 and the Miss America pageants of 2006 and 2007.

A gambler spotted leaving the casino floor said, “I played for hours in the Party Pit. I’m not sure if I?m up or down, and either way, I sure got my money?s worth.”

Gambling Revenue Falling in Atlantic City Casinos For First Time in 30 Years

Atlantic City used to be the East Coasts version of Las Vegas, in its glory days it attracted many high profile people, but now for the first time in 30 years, the city will see revenues decline.

While profits actually rose 3.6 percent in the third quarter for Atlantic City’s 11 casinos, speculation continues that 2007 will be the first year since 1977 that there will be a drop in revenue.

Competition seems to be the underlying factor for the decline in revenue for what used to be one of the top gambling destinations in the United States.

Bordering states have legalized casino gambling and many of the old casinos that did exist in Atlantic City have been shut down. New more up to date casino resorts have gone up in their place, leaving the hope that in 2008 the city’s casinos will rebound financially.

Of the eleven casinos, five of them saw gross operating profits decline from the same quarter a year ago. The Trump Marina Hotel Casino had the biggest decline, $11.8 million, or 40.5 percent.