• Record revenue in November for Atlantic City Casinos

Tropicana, others manage to avoid holiday slowdown December 13, 2005 - ATLANTIC CITY - This is usually the time of year when Black Friday is much more important than blackjack and the mall is much busier than the gambling hall. But it seems that there was no holiday shopping-related slowdown this November for the casino industry. Gaming revenue climbed 6.6 percent to $399.7 million for a record-breaking month, according to figures released Friday by the state Casino Control Commission. It was the first time in Atlantic City's 27-year history of gaming that November's casino "win" came so close to the $400 million mark, a figure normally associated with the busy summer tourism season. "That's pretty positive," said gaming analyst Brian McGill of Susquehanna Financial Group. Slot revenue was up 5.7 percent to nearly $290 million and table winnings jumped 9 percent to $109.7 million. Eight of the 12 casinos posted gains for the month and five standouts had double-digit increases. Atlantic City's tourism usually drops off dramatically after the summer season, with the weeks between Thanksgiving and Christmas among the weakest for casinos. Casinos begin to lose business to the malls after Black Friday, the traditional start of the holiday shopping season. However, one casino has transformed itself into a more mall-like holiday setting and the results have been extraordinary. Gaming revenue at Tropicana Casino and Resort surged nearly 25 percent in November thanks to the spillover effects from The Quarter, the sprawling retail and entertainment complex that opened in late 2004. It seems that when customers weren't shopping or eating at The Quarter, they were spending their money on Tropicana's gaming floor. Tropicana's slot win soared 31.5 percent and table-game revenue increased nearly 12 percent in November. Embracing the holidays like no other casino has done before, Tropicana has turned The Quarter into a winter wonderland complete with towering Christmas trees, lavish decorations and festive music. It kicked off the holiday season on Nov. 2 with a tree-lighting ceremony that drew hundreds of onlookers. "We took advantage of our unique position in the marketplace as Atlantic City's only enclosed dining, entertainment and retail destination," Tropicana spokeswoman Maureen Siman said in a statement. "By launching our First Annual Holiday Spectacular on Nov. 2, we took advantage of and jump-started the retail season." McGill said other casinos will most likely use Tropicana's mix of nongaming and casino attractions as a model for their expansion projects. He said November's results underscored the importance of giving customers more to do than just gamble. "I think one glaring number that jumps off the page is Tropicana," he said. "It still shows that more nongaming amenities are certainly better than not. I think that's what is going to drive performance going forward." Meanwhile, other casinos that posted double-digit gains in November were Caesars Atlantic City, Harrah's Atlantic City, Resorts Atlantic City and Showboat Casino Hotel. Borgata Hotel Casino & Spa was No. 1 overall in November revenue - at $55.3 million - but the Las Vegas-style megaresort fell well short of the double-digit increase that it usually racks up each month. Overall, Borgata's revenue was up 3.5 percent on the strength of a 12.3 percent gain in table winnings. Slot revenue, though, slumped 1.5 percent. McGill said Borgata is "capacity constrained" and that revenue growth will depend on completion of its $525 million expansion project. The first phase will add new gaming space, restaurants and retail when it opens next spring. An 800-room hotel tower is planned for late 2007. "I think with Borgata, until they get the expansion opened next year, we're not going to see the double-digit increases we've come to know," McGill said

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