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Atlantic City Casinos Squeeze Out Earnings

20 November 2002

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "The casino industry reported a 6 percent gain in third-quarter gross operating profit, helped by an easy comparison to poor results a year earlier.

"Gross operating profit at the dozen casinos improved to $383.6 million on net revenue of $1.2 billion, up 3.3 percent, according to figures released Tuesday by the Casino Control Commission.

"The figures look good by comparison because casino business dropped sharply after the Sept. 11 terrorist attacks last year and the industry reported declines in both revenue and gross operating profit for the quarter.

"When this year's third-quarter results are compared to the third-quarter 2000 results, gross operating profit increased only 2.1 percent and net revenue declined 9.5 percent.

"…The industry's net income, or bottom line, improved 11 percent to $94.9 million. For most of the casinos, net income means little because it includes nonoperating costs, such as management fees and debt payments, that can be imposed by the parent companies…"

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