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Atlantic City: Casino stocks hit new lows

7 October 2008

ATLANTIC CITY, New Jersey -- As reported by The Press of Atlantic City: "The heart-pounding action at Atlantic City's blackjack tables and roulette wheels seems tame compared with what is happening to casino stocks on Wall Street. Like other sectors, casino shares tumbled in Monday's market meltdown. But gaming stocks have been getting hammered for months in an abysmal performance.

"Shares of Trump Entertainment Resorts Inc., operator of Donald Trump's three casinos, skidded to 90 cents at one point Monday before closing at 99 cents - cheaper than a soda at Wawa. Trump's stock is down nearly 90 percent from its 52-week high of $8.87.

"Boyd Gaming Corp., owner of Borgata Hotel Casino & Spa, fell to a new low of $6.32 before closing at $7.20. Boyd's shares have declined 84 percent since reaching a 52-week high of $45.40.

"Shares of Pinnacle Entertainment Inc. also hit a new low

"...Atlantic City and other regional jurisdictions heavily dependent on daytrippers are being hurt by high gas prices and intense competition that has cannibalized the markets..."

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