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Atlantic City Casino Revenue Falls Short

3 April 2003

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "A winter that began with promise for casinos ended with a downer.

"Gambling revenue at the city's 11 casinos declined 2.1 percent in March, to $376.5 million, according to unofficial results obtained Wednesday by The Press of Atlantic City.

"…After a good start in January, casinos finished the first quarter 4.1 percent behind last year's pace. Heavy snow hurt business in February and experts could only guess at why March wasn't better.

"… Casinos, however, were hurt by a comparison to last year's record March, one less Friday compared to last March and, possibly, America's fixation with the war in Iraq.

"…Slot-machine revenue, which accounts for three-fourths' of casino business, declined 0.6 percent during the month, to $283.3 million.

"…Four casinos reported revenue increases for the month, led by the two owned by Harrah's Entertainment. Revenue was up 13 percent at Harrah's Atlantic City, which underwent a big hotel and casino expansion last year. Revenue at its sister casino, Showboat, grew 5.3 percent.

"…The biggest revenue decline, 19.5 percent, came at Sands, which is still trying to straighten itself out after a year of management and operational uncertainty…"

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