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Atlantic City reports record numbers

11 January 2007

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "The year began with 12 casinos and ended with 11. In between, there was a state shutdown that shuttered the casinos for three days. Yet Atlantic City's gaming industry was able to extend its winning streak in 2006, racking up a record $5.2 billion in revenue.

"Propelled by an unusually strong December, annual revenue was 4 percent higher than the $5 billion 'win' in 2005, according to year-end figures released Wednesday by the state Casino Control Commission.

"Moreover, 2006 represented the 29th straight year casinos posted higher revenue. Gaming revenue has never gone down on an annual basis since the first casino opened in 1978.

"Casino executives said the increase in 2006 was remarkable given the summer shutdown that cost the industry an estimated $50 million to $55 million in revenue. Casinos were closed for three days during the bustling Fourth of July holiday week when New Jersey's state budget crisis forced state gaming inspectors off the job.

"…Another setback occurred Nov. 11 when the Sands Casino Hotel closed for good after a 26-year run. The Sands was shut down to make way for development of a $1.5 billion megaresort by its new owner, Pinnacle Entertainment Inc…"

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