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A.C. casinos see biggest ever monthly decline

13 March 2009

ATLANTIC CITY, New Jersey -- As reported by The Press of Atlantic City: "Just when it appeared things could not possibly get any worse for the recession-ravaged casino industry, along came February.

"Revenue plummeted a breathtaking 19.2 percent - the biggest monthly drop ever in Atlantic City's 31-year history of legalized gambling - to offer more evidence that customers have cut back on discretionary spending for casino trips during the economic meltdown. Fierce competition from Pennsylvania's slot parlors added to the misery.

"'It's pretty ugly,' said analyst Cory H. Morowitz, chairman of Morowitz Gaming Advisors LLC. 'We weren't expecting losses of this magnitude.'

"Altogether, the 11 casinos posted $310.3 million in revenue in February, compared to $384.1 million in the same month last year. Slot winnings slumped 19 percent to $214.3 million, while revenue from table games skidded 19.7 percent to $96 million, according to figures released Tuesday by the New Jersey Casino Control Commission.

"Every casino was down by double digits for the month except for Borgata Hotel Casino & Spa, which had a 5.8 percent revenue decline. Caesars Atlantic City suffered the biggest drop at 29.6 percent and was among seven casinos that were off at least 20 percent..."

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