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New Jersey Casino Comps Disappear
ATLANTIC CITY, NEW JERSEY --
In a cost-cutting move, Atlantic City casinos gave away five percent less last year in the form of comped rooms, meals, and show tickets. As the casinos try to deal with their myriad economic problems, money spent on free give-aways has dried up.
Total comps at Atlantic City's eleven casinos in 2008 dropped to $1.55 billion. Gaming industry analyst Joe Weinert said, "It's a conscious decision to cut back. They're (casinos) being very careful about how they're throwing those free dollars around."
Revenues at the gambling venues fell 7.6 percent in 2008. Casinos such as Resorts are on the verge of bankruptcy or foreclosure. Resorts CEO Nicholas Ribis testified before the New Jersey Casino Control Commission that part of the problem is freebies including "too much food, too much drink, too much everything."
But some casino observers say comps are a necessary part of the industry, and by dropping comp levels, Atlantic City is only exacerbating its economic troubles. With neighboring states now offering slot parlors and other forms of gambling, the big resorts are faced with the need for comps as a means to distinguish themselves.
Etta Myers, a longtime patron of Bally's Atlantic City, said, "The offers are way down from what I'm used to. If Bally's wants to change their style right at the same time I have slot machines two-thirds of the distance closer to my house, good luck to them."
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