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Atlantic City Casino Win Up 6% for September

3 October 2002

ATLANTIC CITY – As reported by the Press of Atlantic City: " Citywide casino revenue increased 6 percent last month, a seemingly good gain tempered by its comparison to the terrorism-impacted September of last year.

"The $373.6 million in net winnings from gamblers was $21.2 million better than the previous September, but $3.3 million less than the same month two years ago.

"…CIBC World Markets analyst Jacques Cornet called the results `soft,' noting that the industry was up against `an extremely easy comparison' the previous September, when revenue declined 6.5 percent.

"`We expected a number similar to this,' said Goldman Sachs analyst John Kempf.

"…Slot-machine revenue, which accounts for three-quarters of the casinos' business, improved 9.7 percent.

"…Revenue from the gaming tables declined 4.3 percent on lower volumes and worse luck for the casinos.

"…Trump Taj Mahal led the pack in gross revenue at $46.3 million, up 7.1 percent, followed by Bally's at $44.2 million and Caesars at $42.5 million.

"Harrah's continued to get a strong return on its hotel and casino expansion that opened in May. It reported a 22.5 percent gain in overall gambling revenue, with slot revenue up 25.5 percent.

"…Sands continued to pay the price for removing most of its table games in late spring. Overall revenue declined 9 percent, although its extra slot machines helped boost slot revenue by 8.1 percent.

"The September numbers are unofficial and will decline by perhaps $2 million to $5 million after casinos deduct the amounts they contribute to progressive-jackpot trusts. Their official report to the Casino Control Commission is due next week…"

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