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Atlantic City Casino Win Up

4 June 2002

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "Casino-gambling revenue increased for the seventh straight month in May, stoking both the city's $1.8 billion gaming-industry building boom and the region's growth.

"The dozen casinos reported gross gambling revenue of $377.8 million in May, a 3.2 percent gain over the same month last year, according to unofficial results obtained Monday by The Press of Atlantic City.

"….`What you're seeing is that casino employment has not gone up in a number of years - in fact, it's gone down since its peak in '96 - and you have more money coming into the casinos with fewer employees. That revenue has to go somewhere,' said Richard Perniciaro, director of the Center for Regional and Business Research at Atlantic Cape Community College.

"…The gaming-revenue growth further justifies the wave of casino expansion under way. Casinos are involved in projects that will yield 4,000 more hotel rooms and 18 acres of upscale retail during the next two years.

"…Citywide slot-machine revenue in May increased 6 percent, while table-games revenue declined 4.4 percent even though gamblers were slightly less lucky compared to the same month a year earlier.

"…Caesars led the list of gainers in overall gaming revenue last month, up 15 percent to $44.2 million.

"…Sister casino Bally's supplanted Trump Taj Mahal as revenue king for the month, up 7.5 percent to $46.2 million…"

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