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Howard Stutz
 

Hurricane Irene hits Atlantic City's balance sheets

30 August 2011

ATLANTIC CITY, New Jersey -- Atlantic City's 11 hotel-casinos escaped major physical damage from Hurricane Irene over the weekend.

The biggest hit, however, was on the balance sheet.

One Boardwalk gaming executive said the "lost weekend" may have cost Atlantic City's beleaguered casino industry $40 million to $45 million in gaming revenues.

Tropicana CEO Tony Rodio told the Press of Atlantic City the hurricane cost his resort about $4 million.

All the casinos reopened Monday after the shutdown, which began late Friday. Caesars Entertainment Corp. operates four Atlantic City resorts -- Showboat Atlantic City, Caesars Atlantic City, Harrah's Resort Atlantic City and Bally's Atlantic City - Wild Wild West Casino -- while Boyd Gaming Corp. is the 50 percent owner and operator of Borgata Hotel Casino and Spa.

According to The Associated Press, there was some flooding from the storm, winds did minimal damage at the shore and the casino buildings were unscathed.

The weekend shutdown was only the third time in the 33 years since the first casinos opened that all were closed at the same time.
Hurricane Irene hits Atlantic City's balance sheets is republished from Online.CasinoCity.com.