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Atlantic City gaming industry bet on renovations

30 July 2007

ATLANTIC CITY, New Jersey -- As reported by the Buffalo News:"The city's gambling halls are betting $10 billion on a plan to separate visitors from more of their money by remaking this seedy seaside resort into a hipper, hotter destination with top entertainers, glitzy rooms and swank restaurants run by famous chefs.

"Atlantic City's 11 casinos are in a frenzy of expansion and construction to compete with Las Vegas and to fight off unexpectedly strong competition from slots parlors in neighboring states.

"Almost every casino here is spending millions of dollars to either expand or renovate, or has just finished doing so.

"The building boom here is adding thousands of new hotel rooms as casino owners aim to remake the resort as a national destination instead of a place for bus-riding day trippers to linger for a few hours before hitting the buffet and going home.

"...The spending spree comes amid what seems destined to be the first year that revenues will decline in Atlantic City since casino gambling began in 1978. Much of the decline is being blamed on competition from newly opened slots parlors in Pennsylvania, New York and Delaware.

"...Robert Corrales, a spokesman for the Casino Reinvestment Development Authority, said casino companies plan $10 billion worth of new investments in Atlantic City over the next five to 10 years..."

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