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AC casinos see "disastrous month" in August

14 September 2009

ATLANTIC CITY, New Jersey -- As reported by The Press of Atlantic City: "The chance that a strong showing in August could pull the casinos out of a slumping summer season didn't happen.

"Revenue at the city's 11 gaming halls totaled $391.7 million, a decrease of 16.3 percent from August 2008, when the casinos managed to scratch out a modest gain of 0.7 percent from August 2007.

"The latest figures released Thursday by the New Jersey Casino Control Commission only reinforce how challenging this summer has been in the resort. The casinos also posted revenue drops in June, which was down 13.6 percent from the same period in 2008, and July, which was down 12.7 percent.

"The past three months are typically the high point of the year for the casinos because of the surge in tourism. But Cory H. Morowitz, a casino analyst and chairman of Morowitz Gaming Advisors LLC, said August had too many things going against it, making for 'a disastrous month.'

"For one, the calendar wasn't helpful. The typically busy Labor Day weekend in 2008 was partially in August - unlike this year when it was completely in September..."

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