Atlantic City Casinos suffer huge drop in revenue

ATLANTIC CITY, N.J. (AP) - Atlantic City's 11 casinos posted a 19.2 percent drop in revenue last month, the biggest monthly decline in the state's 30-year history of legalized gambling.

Every casino in the city saw a decline, most by 20 percent or more. Several experienced a nearly 30 percent decline.

The figures were released Tuesday by the state Casino Control Commission. The numbers provide further evidence that the recession and stiff competition from slots parlors in Pennsylvania and New York are putting a beating on the nation's second-largest casino market.

Three Atlantic City casinos are in bankruptcy. A fourth is headed there within a week or two. Another is fighting off foreclosure because it can't pay its bank loans.

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