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Borgata No Help to Casino Revenue13 August 2003ATLANTIC CITY – As reported by the Press of Atlantic City: “Borgata Hotel Casino & Spa did well at snatching other casinos' gamblers in its first month of operation but did not draw hordes of extra visitors to the city. “July gross gambling revenue at the dozen casinos increased 4.4 percent, to $436.1 million, the Casino Control Commission reported Tuesday. Although the amount was a single-month record, the percentage increase wasn't even the industry's biggest monthly gain this year. “Gaming executives and analysts expressed disappointment, noting that all but one casino lost market share to Borgata and revenue among the 11 casinos open at this time last year declined 6.8 percent. “That figure is `glaring evidence that Borgata, at least initially, is not growing the market,’ Fulcrum Global Partners analyst Joseph Greff said in a research note. “…Borgata won $46.9 million from gamblers, placing fourth on the revenue list behind Bally's, Caesars and Trump Taj Mahal. Borgata opened July 2, missing the first 41 hours of the month. “…Competitors said Borgata, at first blush, has not fulfilled its long-stated promise of `expanding the market’ by attracting new visitors. “…Two Trump casinos took a beating in July. Trump Plaza reported the biggest revenue decline, due in part to a big swing of bad luck at the gaming tables. “…Neighboring Harrah's also reported a sharp revenue decline, discrediting expert predictions that Borgata would help Marina District casinos while hurting the Boardwalk…” |