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July 30, 2014

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Sandy causes record drop in New Jersey casino revenues

Superstorm Sandy led to the biggest monthly drop in casino revenue in the 34-year history of legalized gambling in Atlantic City, N.J.

Closures due to the storm sent Atlantic City's casino revenue plunging nearly 28 percent in November.

The casinos closed on Oct. 28, the day before the storm hit, and began reopening Nov. 2. It wasn't until Nov. 5 that all 12 casinos were back in operation. That led to a 19.9 percent decline in casino revenues in October, the previous largest monthly drop ever.

The casinos took in $176.6 million in November, a decline of 27.9 percent from November 2011, when they were open a full month.

Tropical Storm Irene forced the casinos to close for three days in August 2011, causing a 19.8 percent revenue plunge.

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