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Atlantic City Attracts Gamblers with High-End Stores

31 August 2006

ATLANTIC CITY, New Jersey – As reported by the Bloomberg: "Lori Silver and her husband Steve, a cardiologist in Cherry Hill, New Jersey, used to head just over the Delaware River to Philadelphia for special occasions.

"That changed this month when they joined a group of 50 for a friend's birthday an hour's drive away at the Old Homestead Steakhouse, one of 15 restaurants at the Borgata Hotel Casino & Spa in Atlantic City.

"…While 38,000 slot machines still draw day-trippers, record casino revenue is helping Atlantic City return to its former grandeur with venues like the Borgata and the Pier at Caesars, a mall featuring Coach leather and Tiffany & Co. jewelry. It's also attracting investors including Morgan Stanley.

"By adding high-end retailers, marquee entertainment and trendy restaurants, the once downtrodden New Jersey beach resort is duplicating Las Vegas's strategy: lure a younger, more affluent crowd that will stay longer and spend more.

"…In June, Las Vegas-based Harrah's Entertainment opened the $200 million Pier at Caesars, a mall on pilings over the ocean that has dancing fountains and luxury retailers. The Borgata, owned by MGM Mirage and Boyd Gaming Corp., added restaurants from celebrity chefs Bobby Flay and Wolfgang Puck, bringing $95 surf- and-turf to a city more renowned for its salt-water taffy…"

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