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Borgata Drives Up Atlantic City Casinos' November Revenues

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "That shiny new building across town, along with some rock 'n' roll on the Boardwalk, powered the casino industry to its second straight month of strong growth.

"November gambling revenue at the dozen casinos increased 9.1 percent, to $379.2 million, compared to the same month last year, the Casino Control Commission reported Wednesday.

"…The new Borgata Hotel Casino & Spa drove the big gain with gross winnings of $44 million, maintaining its No. 2 ranking behind Bally's, which won $52.8 million.

"Experts said it appears that the 5-month-old Borgata is drawing more new visitors to the city after mostly cannibalizing other casinos early on.

"…'Our sense is that supply and demand are in equilibrium at these levels and that's better than we would have expected at this point,' said Harry Curtis, JPMorgan gaming analyst.

"Citywide revenue through 11 months this year was $4.2 billion, or 2.4 percent ahead of last year's pace…"

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