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Another $1 Billion Pumped into Atlantic City

8 March 2004

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "Just as the casino industry is completing a $1.8 billion building boom that began 31/2 years ago, the industry's investment pipeline is filling with another $1 billion.

"Unlike 1990s expansions that emphasized slot machines, very little of the next-wave casino money will be used for casino space. Almost all will be spent on hotel rooms, upscale restaurants and shops, entertainment and parking - features needed to attract overnight visitors and distinguish Atlantic City from the racetrack slots in Delaware and New York and the expected racetrack slots in Pennsylvania and Maryland.

"…Investment-banking giant Credit Suisse First Boston is prepared to pump $400 million into Donald Trump's casino company, which needs the cash to keep up with competitors' expansions. Priority one is an 800- to 1,000-room hotel tower at Trump Taj Mahal Casino Resort, Trump said.

"Borgata, which opened eight months ago, is drawing plans to accommodate its overflow of visitors.

"…The project is expected to cost more than $200 million.

"Harrah's Entertainment would like to add fifth and fourth hotel towers, respectively, to Harrah's Atlantic City and Showboat Cas

"…Likely cost - more than $200 million.

"…Dennis Gomes, president of the Casino Association of New Jersey, said stable state government is a big reason for the current interest among investors. After two years of fighting over gaming taxes and the threat of instate racetrack slots, the industry and Gov. James E. McGreevey now have a good relationship, he said…"

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