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A.C. posts another record decline

10 April 2009

ATLANTIC CITY, New Jersey -- As reported by The Press of Atlantic City: "Casino revenue continued to plunge at a breathtaking rate in March, setting a record for the biggest monthly decline ever in Atlantic City's 31-year history of legalized gambling.

"Revenue from slot machines and table games fell 19.4 percent in March compared with the same period last year — fresh evidence that the recession and stiff competition from Pennsylvania slot parlors will not be going away anytime soon.

"Pointing to the relentless volatility in the financial sector, one analyst who studies the Atlantic City and Nevada gaming markets said the casino industry may not have hit rock bottom just yet.

"'The real concern is the financial markets, and they still have a long way to go before they stabilize,' said William Eadington, director of gambling research at the University of Nevada at Reno. 'My suspicion as an economist is that it's too early to expect much of a recovery for the state of Nevada, the state of New Jersey and the gambling industry, although I would certainly like to see one.'

"Altogether, Atlantic City's 11 casinos took in $318.4 million in revenue in March. Slot winnings skidded 21.3 percent to $218.1 million, while revenue from table games declined 14.7 percent to $100.3 million, according to figures released Thursday by the New Jersey Casino Control Commission..."

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