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Atlantic City Casino Win Up for October

6 November 2002

ATLANTIC CITY – As reported by the Press of Atlantic City: "Atlantic City casinos racked up their second straight month of strong revenue gains in October, again helped by an easy comparison to the same month after the terrorist attacks last year.

"The dozen casinos won $350.5 million from gamblers last month, up 4 percent compared to last year's October, according to preliminary figures obtained by The Press of Atlantic City.

"The industry has now reported 12 straight months of revenue gains, which combined with October's gain had at least one industry executive hoping that investors take notice.

"…Lawrence Klatzkin, who analyzes gambling stocks for Jefferies & Co., doesn't see it that way. He said the industry had an easy comparison to October last year, when revenue declined 2.4 percent.

"…Revenue from slot machines increased 6.1 percent in October, to $266.9 million, and accounted for more than three-quarters of the industry's gambling business. Casino executives and analysts focus most closely on the slots because they're perhaps twice as profitable as table games.

"Revenue from table games declined 2 percent, to $83.6 million, as gamblers wagered $10 million less last month than they did a year earlier.

"The industry's gambling revenue through 10 months was $3.7 billion, or 3 percent ahead of last year's pace…"

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