biggest monthly revenue decline in Atlantic City's 30-year history of gambling.

[cvictorg]

This was a September no one wants to remember, as casinos suffered their biggest monthly revenue decline in Atlantic City's 30-year history of gambling.

In a dramatic, post-Labor Day slowdown, revenue plunged
15.1 percent to $356 million for the month. It is fresh evidence the gaming industry continues to be battered by the weak economy, Wall Street's unfolding financial crisis and competition from slot parlors in Pennsylvania.

"It's ugly," said Harvey Perkins, a senior vice president with Spectrum Gaming Group, a Linwood-based casino consulting firm.

Not since storm-ravaged January 1994 - when winter-weary gamblers stayed at home by the droves and revenue dropped 13.6 percent - has business fallen so sharply.

All 11 casinos posted revenue declines in September. Resorts Atlantic City, the city's oldest casino, had the biggest decrease at a stunning 32.5 percent. The Atlantic City Hilton Casino Resort, Trump Marina Hotel Casino and Trump Plaza Hotel and Casino each had declines of more than 20 percent.

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"We believe there is a high probability that the Atlantic City marketplace could see more than one casino close its doors in the next two years...," said a gaming analyst for Wachovia Capital Markets, Dennis M. Farrell Jr..

September may prove to be the worst month in the history of casinos in Atlantic City. With Labor Day coming on September 1st this year, most of the profits from that weekend went to August. Even with the jolt at the end of the month, August was a terrible month for casinos.

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