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Atlantic City Bets on Youth

14 January 2004

ATLANTIC CITY, New Jersey – As reported by Reuters: "…Within easy access from major cities like Philadelphia and New York, the [Atlantic City]oceanside establishments are spending billions of dollars to reinvent themselves as full destination resorts and broaden their appeal from retirees and day-tripper families on a budget to include free-spending young professionals.

"…The transformation was greatly helped last summer with the opening of Borgata Casino Hotel & Spa, Atlantic City's first new casino in 13 years. The $1.4 billion tower with marble and wood-lined rooms, 11 restaurants, gourmet chefs, high-end stores including its own private label, and three nightclubs targeting a younger demographic--one Borgata likes to call the 'rejector.'

"Twenty-somethings who previously 'rejected' Atlantic City, now huddle around gaming tables in trendy attire, sipping Margaritas and bottled beers -- and dropping hundreds of dollars.

"…'In terms of gaming revenue, the city is doing well. But the Borgata is the beginning of non-gaming revenue, like the Bellagio was for Vegas,' Marc Falcone, analyst at Deutsche Bank said, referring to the upscale casino hotel that opened in 1998, elevating the pricing and quality level in Las Vegas, and bringing in developments that added even more rooms to the city…"

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