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Atlantic City Revenue Up

ATLANTIC CITY, New Jersey – As reported by the Philadelphia Inquirer: "In its second month, Borgata increased its helping of the gambling pie to $53 million, fueling a record month of revenue citywide and generally causing less pain to other casinos than it did during its debut month.

"Overall, gamblers lost $475 million to the city's 12 casinos in August, a month that included five weekends, according to figures released yesterday by the state Casino Control Commission.

"That represents an 11.2 percent increase from August 2002 - or about $48 million more left behind by gamblers. Six casinos registered declines from August a year ago.

"…Most analysts were disappointed by July's 4.4 percent overall increase in revenue and concluded that Borgata had basically cannibalized the existing market and failed to expand the market.

"…Factoring out the Borgata, the other casinos showed a 1.2 percent decline in their revenue compared with a year ago. But in July, that number was a 6.8 percent decline.

"In August, six casinos - Hilton, Harrah's, Resorts, Sands, Trump Marina and Trump Taj Mahal - registered revenue declines ranging from 10.4 percent (Marina) to 3.2 percent (Sands). Those drops were not as steep as those registered in July.

"Borgata, which in its debut month had the fourth-highest revenue, surged last month to second place, behind Bally's.

"…Other than Borgata, five casinos registered revenue increases compared with a year ago. They are Bally's Atlantic City (including the Claridge) at 3.1 percent, Caesars at 1.8 percent, Showboat at 5.5 percent, Tropicana at 1.3 percent, and Trump Plaza at 0.1 percent…"

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