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Sands Narrows Loss

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "For the past few months, the smallest casino in town has been talking big. Now it seems it can finally put its money where its mouth is.

"…The casino is still in the red, but it narrowed its first-quarter net loss to $3.1 million from $4.4 million in the same period last year, [Sands Casino Hotel] parent company GB Holdings Inc. reported Tuesday.

"Perhaps the most dramatic improvement came in the area of cash flow, a key measure of productivity in the gaming industry. For the quarter, cash flow surged to $4.9 million compared to $2.3 million last year - about a 110 percent increase.

"Net revenue climbed a modest 4.6 percent to $41.6 million, largely due to a 46.1 percent gain at the gaming tables. Slot revenue, however, fell 6.2 percent for the quarter, the casino reported.

"The Sands finally is starting to recover from a disastrous decision two years ago to eliminate most of its table games in order to focus on slot machines.

"…Now the Sands has begun to rebuild its table-game operations.

"…Come Memorial Day, it will open a new high-stakes room featuring six blackjack tables, a baccarat pit and a roulette wheel.

"…At the same time that it has been freshening up its appearance, the Sands has launched an advertising campaign to try to recapture the magic of the legendary Rat Pack…"

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