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Execs Hope Atlantic City Slump Ends5 May 2003ATLANTIC CITY, New Jersey -- As reported by the Press of Atlantic City: "Dave Jonas is crossing his fingers that Atlantic City casinos snap out of their three-month revenue decline before the $1.1 billion Borgata Hotel Casino & Spa opens in June or July. "`If we don't see growth in May we're going to be in a heap of trouble,' said Jonas, senior vice president of Atlantic City operations for Harrah's Entertainment. "He fears that casinos would be forced into a market-share war if there aren't enough gambling dollars to around when Borgata opens. He's hoping the opening of Showboat's 544-room hotel addition this month will help bring more dollars into the city. "...Atlantic City casino bosses have been assuring analysts lately that they won't jack up their marketing dollars to offset the flight of curious customers to Borgata. Their customers are loyal and will return after taking a peak, the bosses say. "One analyst isn't so sure. "`With all this capacity being added, we find it hard to believe that operators will not increase marketing expenses prior and during the Borgata's opening, though this is what they continue to preach,' said Joyce Minor of Lehman Brothers..." |