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Atlantic City Casino Plummet Accelerates as Gaming Revenues Drop
ATLANTIC CITY, NEW JERSEY --
T.S. Eliot said that April is the cruelest month. If it's worse than March, Atlantic City casino gaming operators may find it unbearable. The third month of the year saw gambling revenues in New Jersey drop by more than had ever happened in thirty years of legal gaming.
According to the New Jersey Casino Control Commission, gambling revenue declined almost twenty percent from the same month of the previous year, for a grand monthly total of only $318.4 million by all eleven licensed casinos.
The record-setting decline broke the mark set just thirty days before, as February saw a nineteen percent drop. The Atlantic City Hilton saw business in March drop by thirty-five percent.
The three Trump casinos are in bankruptcy, while Resorts Atlantic City fights off foreclosure due to non-payment of its mortgage. The Tropicana can't find a buyer except for Carl Icahn, who has offered pennies on the dollar to take the troubled casino off state hands.
New Jersey legislators and gaming officials are desperately wracking their brains in search for a concept that could bring vitality to the state's gambling industry. Whatever they decide, it had better be in a hurry, or else it will be too late.
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