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N.J. CASINO CONTROL COMMISSION ANNOUNCES INDUSTRY'S PROFITS FOR THE THIRD QUARTER

 N.J. CASINO CONTROL COMMISSION ANNOUNCES
 INDUSTRY'S PROFITS FOR THE THIRD QUARTER
 ATLANTIC CITY, N.J., Nov. 19 /PRNewswire/ -- The casino industry today reported profits of $317.7 million during the third quarter that contrasted sharply with a loss of $153.6 million in the third quarter last year.
 The $317.7 million is a distortion that reflects a write-down of the indebtedness of Taj Mahal following its bankruptcy filing this year.
 The $247.1 million profit reported by Taj when subtracted from the whole industry picture showed that the other 11 casinos netted $70 million. Last year's third quarter figures were also distorted because Resorts International took $189.1 million write-down of its assets as part of its financial restructuring. With the Resorts numbers subtracted the other 11 casinos showed a $36 million profit last year.
 Only Harrah's Marina and Claridge showed declines this quarter when compared with the 1990 figures and the drop in both cases was small. Harrah's dipped from $23 million last year to $22.4 million this quarter while Claridge dropped from $3.4 million in 1990 to $3 million this year.
 The $22.4 million posted by Harrah's was the largest profit reported, excluding the Taj Mahal report. Harrah's is a partnership and the net income does not reflect payment of federal income taxes.
 Net income for the first nine months of the year was reported as $259.5 million compared with a loss of $159.1 million a year ago.
 Net revenue for the third quarter was up 4.1 percent to $984.6 million compared with last year's $946 million during July, August and September 1990. This year for the first time in New Jersey history casinos were allowed to remain open 24 hours a day on weekends and holidays.
 Ten of the casinos showed improvements in net revenues with only Taj Mahal and Trump Castle showing declines. Caesars and Sands reported the biggest increases in net revenue.
 Operating income before taxes and extraordinary expenses was $91.1 million this year compared with only $59.5 million a year ago for the third quarter.
 /delval/
 -0- 11/19/91
 /CONTACT: Tom Flynn of the New Jersey Casino Control Commission,


609-441-3799/ CO: New Jersey Casino Control Commission ST: New Jersey IN: CNO SU: ERN LJ -- PH033 -- 5081 11/19/91 15:57 EST
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Publication:PR Newswire
Date:Nov 19, 1991
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