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S&P: Atlantic City Needs More Development

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "Atlantic City needs more than trendy restaurants, shops and other casino add-ons to achieve a major boost in gaming business, a top credit-rating agency said.

"'Substantial growth in demand in Atlantic City is not expected ... without more significant and sustained reinvestment in the market. The ongoing renovations at a number of properties will help, but a second new property at Renaissance Pointe, adjacent to Borgata, would likely be very beneficial to the long-term success of the market,' Standard & Poor's said in its annual casino-industry outlook.

"…Four casino projects under construction should boost business, S&P said. They include:

"- Resorts Atlantic City's 400-room hotel tower, opening in June;

"- Tropicana Casino and Resort's 502-room hotel tower and themed retail complex, opening in September;

"- Caesars Atlantic City's 3,200-space parking garage, opening in summer 2005; and

"- Gordon Group's $140 million themed retail pier, opening in mid-2005.

"…Standard & Poor's advised Atlantic City investors to watch developments in New York, where casino gambling is emerging, and in Pennsylvania, which might soon legalize casinos…"

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