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Atlantic City Casinos Gain 12% in Q3

18 November 2000

ATLANTIC CITY, New Jersey - Nov. 18, 2000 -- As reported by the Atlantic City Press Plus: "The city's casinos posted a 12 percent increase in gross operating profit for the third quarter of the year, or $373 million. Net revenues for the 12 gaming halls also increased by $45.7 million, to $1.3 billion, over the same period in 1999.

"...The third quarter — which includes July, August and September — is traditionally considered the busiest and most profitable quarter of the year for the city's casino industry. Casino operators said consumer demand was still strong, and also took credit for the increase through smarter spending.

"...Trump Taj Mahal Casino Resort, which suffered a disastrous third quarter in 1999, posted the highest net revenue with $170 million. It was followed by sister properties Bally's Park Place and Caesars Atlantic City, with net revenues of $159 million and $147 million, respectively.

"Three properties — Claridge Casino Hotel, Showboat Casino-Hotel and Trump Plaza Hotel and Casino — posted net revenue declines.

"...After all of those and other items, the industry reported a net income of $125 million, compared to a net loss of $41 million during the same period in 1999.

"...The lowest cash-flow margins were at three of the city's smallest casinos — Claridge Casino Hotel with 18 percent, Resorts Atlantic City with 15 percent, and Sands Casino Hotel at 12 percent.

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