Trump, Gambling Stocks Drop as Atlantic City Casinos Shut Down

5 Jul 2006

ATLANTIC CITY, New Jersey -- As reported by Bloomberg: "Shares of casino companies including Trump Entertainment Resorts Inc. fell after Atlantic City's casinos shut down for the first time in their 28-year history today, casualties of a budget impasse in New Jersey.

"...The closures in the second-largest U.S. gambling market were ordered by Governor Jon Corzine. He deemed the 190 inspectors who are required by law to monitor casino operations ``non-essential' state employees. The shutdown, which will cost 12 casinos an estimated $16 million a day in lost revenue, affects gambling operations, not hotels, bars or restaurants.

"...Trump Entertainment shares lost $1.29, or 6.4 percent, to $18.99 in Nasdaq composite trading as of 10:37 a.m. in New York, heading for the biggest drop since May 2005. Boyd Gaming Corp., co-owner of The Borgata Hotel Casino & Spa with MGM Mirage, fell 62 cents to $39.27 in New York Stock Exchange composite trading.

"...Harrah's Entertainment Inc., the world's largest casino company, slipped 91 cents to $69.59. Harrah's has four casinos in Atlantic City..."

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	Trump, Gambling Stocks Drop as Atlantic City Casinos Shut Down 5 Jul 2006 ATLANTIC CITY, New Jersey -- As reported by Bloomberg: "Shares of casino companies including Trump Entertainment Resorts Inc. fell after Atlantic City's casinos shut down for the first time in their 28-year history today, casualties of a budget impasse in New Jersey. "...The closures in the second-largest U.S. gambling market were ordered by Governor Jon Corzine. He deemed the 190 inspectors who are required by law to monitor casino operations ``non-essential' state employees. The shutdown, which will cost 12 casinos an estimated $16 million a day in lost revenue, affects gambling operations, not hotels, bars or restaurants. "...Trump Entertainment shares lost $1.29, or 6.4 percent, to $18.99 in Nasdaq composite trading as of 10:37 a.m. in New York, heading for the biggest drop since May 2005. Boyd Gaming Corp., co-owner of The Borgata Hotel Casino & Spa with MGM Mirage, fell 62 cents to $39.27 in New York Stock Exchange composite trading. "...Harrah's Entertainment Inc., the world's largest casino company, slipped 91 cents to $69.59. Harrah's has four casinos in Atlantic City..."