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- BUSINESS, Page 59Business NotesGAMBLINGA Tale of Two Cities
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- How's business at America's casinos? It all depends on where
- you look. In the nation's oldest gaming market, Las Vegas,
- winnings rose 14% last year and profits were up 25%, to $648
- million. But in Atlantic City, where gambling has been legal
- since 1976, business has been a crapshoot at best. The city's
- dozen boardwalk casinos last week reported combined losses of
- $266 million for 1990, the first annual losses in a decade. One
- of the biggest losers: Donald Trump, whose Plaza, Castle and
- Taj Mahal gaming houses lost $174 million.
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- Analysts blame the slow economy for only a part of Atlantic
- City's dismal showing. Unlike Las Vegas, the New Jersey coastal
- town has no major airport or convention center and is not open
- 24 hours a day. Concludes gaming analyst David Leibowitz, with
- restraint: "Atlantic City can't outglitz Las Vegas."
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