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Borgata hurt by economy, competition30 April 2008ATLANTIC CITY, New Jersey -- As reported by the Press of Atlantic City: "Extra competition from Pennsylvania's slot parlors and the faltering economy dragged down first-quarter earnings at the normally powerhouse Borgata Hotel Casino & Spa, parent company Boyd Gaming Corp. reported Tuesday. "Borgata's gaming revenue, gross operating profits and net income all slumped in the quarter and there is no reason to believe a quick turnaround is in sight, the company warned. "...Keith Smith, Boyd's chief executive officer, said Atlantic City is being hurt by Pennsylvania's newly opened slot parlors as well as rising prices for consumer essentials such as food and gasoline. Casino customers have trimmed back their gambling budgets while struggling to pay their bills amid fears of losing their jobs, he added. "...Borgata, Atlantic City's top-grossing casino, saw gaming revenue decline 4.6 percent to $178.6 million. Gross operating profits, a key indicator of a casino's financial health, slipped 8.4 percent to $55.5 million. Net income was down 21 percent to $27.8 million, Boyd reported..." copyrighted material written for and appeared exclusively in The Press of Atlantic City |