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Atlantic City Casinos Results Mixed

19 August 2004

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "While the Borgata has done much to enliven casino gaming in town and is contributing to an expanding market, it had a mixed impact on the industry's second-quarter earnings.

"Combined net revenue at the city's 12 casinos was up more than 8 percent but gross operating profits fell 0.7 percent compared to the same quarter last year, according to figures released Tuesday by the Casino Control Commission.

"Gross operating profit, a measure of cash flow and a key component in determining casino profitability, slid to $326.7 million from $329 million in the second quarter of last year.

"Borgata Hotel Casino & Spa was the leader in gross operating profit, contributing $54.2 million during the April-through-June period, its first second-quarter showing since opening in July 2003.

"Only the Showboat Casino Hotel had a second-quarter increase in gross operating profit, up 3.1 percent at $33.8 million.

"…Harrah's Atlantic City held the line on expenses but its net revenue fell more than $7 million, resulting in a 15 percent drop in gross operating profit.

"… Resorts Atlantic City's expenses were up $3 million while it lost more than $1 million in revenue. Gross operating profit fell 35.6 percent - the largest drop in the city - to $6.8 million.

"…Trump Taj Mahal Casino Resort cut expenses by nearly $4 million but lost $7 million in net revenue, for $32.3 million in gross operating profit…"

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