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Three A.C. casinos in danger of folding, analysts say

23 February 2009

ATLANTIC CITY, New Jersey -- As reported by The Press of Atlantic City: "Bankruptcy. Foreclosure. Default. Layoffs. They are frequently heard words in today's faltering casino industry.

"Atlantic City is heading for a shakeout that could claim as many as three of its 11 casinos in the next few years, analysts predict. Such a calamity was unthinkable only a year ago.

"Nearly 3,000 casino jobs have been lost in the past 12 months. More layoffs are expected as the recession deepens. The fractured economy, global credit crisis, competition from Pennsylvania slot parlors and the city's partial casino smoking ban have created what one gaming executive calls 'a thousand year, once-in-a-lifetime perfect storm.' Resorts Atlantic City, the Atlantic City Hilton Casino Resort, Trump Marina Hotel Casino and the Claridge Tower at Bally's Atlantic City are aging, smaller properties that some analysts believe could join the now-defunct Sands Casino Hotel as.

"Casinos were once thought to be 'recession-proof' - just as the Titanic was considered 'unsinkable.' Now, casinos are suffering as the economic meltdown saps consumer confidence and discretionary spending. Not only are customers cutting back on their casino outings, but they are more tight-fisted when they do gamble..."

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