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Atlantic City figures dip

12 February 2008

ATLANTIC CITY, New Jersey -- As reported by the Press of Atlantic City: "The casinos were jammed for New Year's Eve. But once the parties were over, the gamblers packed up and went home. Many never came back.

"In what may be a harbinger for 2008, casino revenue sank 10 percent in January, to $355 million, according to figures released Monday by the New Jersey Casino Control Commission. The gaming industry now is in the midst of a dubious streak of 10 straight months of declining revenue.

"One analyst, Cory H. Morowitz, chairman of Morowitz Gaming Advisors LLC, is forecasting a 2 percent drop in revenue for 2008. If his prediction holds true, it will be the second year in a row that revenue is down.

"...January was such a dismal month that all 11 casinos in town suffered a revenue decline. The last time that occurred was in February 2003, when the snowiest February on record kept gamblers away in droves.

"Now gamblers are shunning Atlantic City for the newly opened slot parlors in Pennsylvania. Extra competition from Pennsylvania and New York was the main reason in 2007 that annual revenue fell for the first time in Atlantic City's 30-year history of casino gambling.

"...Tropicana Casino and Resort and Trump Marina Hotel Casino had the biggest revenue declines, each dropping 21.1 percent..."

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