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Atlantic City Casinos Bounce Back

17 July 2006

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "Despite millions of dollars in lost revenue and tons of negative publicity caused by their unprecedented shutdown, the casinos showed once again that, ultimately, the house usually wins.

"Casinos rebounded quickly after the three-day closing ended July 8, and Wall Street laughed off predictions of a meltdown in Atlantic City's sizzling gambling market. The gaming industry also benefited from the expiration of a tax on casino net profits in the new state budget.

"…Casinos already are capitalizing on public disgust with the state Legislature by pushing a bill that would shield them from future government shutdowns. Gambling was brought to a halt because New Jersey's budget crisis forced state gaming inspectors off the job. New legislation making the rounds at the Statehouse would allow gaming inspectors to continue to work during any other budget-induced shutdowns.

"…While gaming officials say it is premature to predict any long-term effects of the shutdown, the immediate damage is clear. The casinos lost an estimated $54 million in revenue and the state forfeited $1.3 million a day in casino taxes…"

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