Monthly Archives: April 2015

2015
04/30

Category:
Credit Ratings

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Moody’s says Dycom’s upsized revolver credit positive; ratings unaffected

New York, April 28, 2015 — Moodys Investors Service said Dycom Industries, Inc.
(Dycom)s announcement on April 27 that it amended
its credit agreement increasing the size of its revolving credit facility
by $175 million to $450 million is a credit positive event
but does not impact the companys ratings including its Ba2 Corporate
Family Rating, SGL-1 Speculative Grade Liquidity rating or
the stable outlook. Concurrent with the upsizing of the revolver,
the company increased the size of its term loan under its credit agreement
to $150 million from approximately $110 million and extended
the maturity date of the facilities under the credit agreement to April
2020.

Please see our issuer comment on www.moodys.com for more
information.

Dycom Industries, Inc., located in Palm Beach Gardens,
Florida, is a leading provider of specialty contracting services
in North America. Dycom provides engineering, construction
and maintenance services that assist telecommunication and cable television
providers expand and monitor their network infrastructure in a cost effective
manner. The company also provides underground locating services
for telephone, cable, power, gas, water,
and sewer utilities. Dycom generated contract revenues approximating
$1.9 billion for the twelve months ended January 24,
2015.

This publication does not announce a credit rating action. For
any credit ratings referenced in this publication, please see the
ratings tab on the issuer/entity page on www.moodys.com
for the most updated credit rating action information and rating history.

Jadijhe L. Adamo
Asst Vice President – Analyst
Corporate Finance Group
Moodys Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
USA.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Alexandra S Parker
MD – Corporate Finance
Corporate Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moodys Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
USA.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moodys says Dycoms upsized revolver credit positive; ratings unaffected

2015
04/29

Category:
Credit Cards

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$150K bond for woman charged with stealing credit cards from school

One of two women accused of going on a shopping spree after stealing credit cards from a North Side school earlier this month has been ordered held on a $150,000 bond.

Kizzie Cunningham, 37, was arrested Sunday afternoon after police received several tips from the public. Authorities had released a surveillance photo of her at a Jewel located at 2940 N. Ashland about three weeks ago, according to a statement from Chicago Police.

Cunningham and another woman — who remains at large — pretended they were enrolling a child at Audubon School at 3500 N. Hoyne on April 1, police said. During the visit, they went inside two classrooms and stole teachers’ wallets, police said.

The pair then bought $145 worth of items from the Jewel using credit cards from the wallets. They also went on a shopping spree at other area stores, police said.

Cunningham, of the 600 block of North Pine, was charged with one count each of felony burglary and felony burglary from a school, police said.

She was ordered held on a $150,000 bond at a hearing Monday, court records show. She will next appear in court May 4 for a preliminary hearing.

Detectives still need help finding the other suspect.

She is described black woman in her 40s, about 5-foot-6 and 180-200 pounds with long brown hair, police said. She is known to go by the name “Dawn.”

Anyone with information should call Area North detectives at (312) 744-8263.

2015
04/28

Category:
Establishing Credit

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Financial Blogger Profile: Marco Carbajo (Business Credit Blogger)

At Equities.com, weve always been focused on building an active community among the leading voices within the world of finance. As with many other fields, in finance, weve noticed a significant shift away from traditional sources of financial news, tips and predictions, and toward a growing number of financial bloggers.

In this series, we profile some of the most distinct and noteworthy voices in the world of financial blogging. Here, youll find our recent interview with Marco Carbajo, founder of the site Business Credit Blogger. Read below for Carbajos advice on why you should never start a business with personal credit, and the growing weight of your social media presence in calculating your credit worthiness.

EQ: You started both Business Credit Blogger.com and Business Credit Insiders Circle. Can you walk me through how both of those sites came about?

Carbajo:Sure. BusinessCreditBlogger.com is a blog I started with the purpose of providing in depth information on topics that surround the business credit and business financing industry. The site features a wealth of free information and resources for small business owners and startups. Our mission is to provide small business owners with proven systems, tools, support, training, and resources to build creditworthy businesses plus have access to the funding needed to grow, operate, and expand without putting personal credit at risk.

Meanwhile, the Business Credit Insiders Circle is an actual online-based platform where we provide a business credit building system to business owners. They register their company, and our system takes them through the entire business credit building process from structuring their business, getting listed with the business credit agencies, establishing credit in the name of the business, etc. So, we go through the entire process from A to Z, in an online platform, which allows us to maximize a business owners funding potential. We also address any personal credit issues they may have with credit solutions and education. The system itself is a subscription-based platform that enables business owners to build a creditworthy business by accessing our small-business friendly credit sources, vendors, suppliers, lenders and business credit cards without putting their personal credit at risk every time.

EQ: I see. So did the blog stem from Business Credit Insiders Circle, or vice versa?

Carbajo:The blog started first, and after that we launched the software. For many years I did one-on-one consulting. When I got to the point where I could no longer take on more clients, I needed a platform to point prospective entrepreneurs toward, so I shifted my focus from one-on-one coaching to providing a platform that could benefit business owners on a national scale for building and maintaining strong business credit profiles and ratings. Everything that I would teach one-on-one is available on the platform, and it even allows business owners to adapt these new strategies, adjusting both their existing company, and for any future businesses they may start. That has allowed us to expand our reach, and help thousands of business owners nationwide.

EQ: Well, youve certainly come a long way. What was your original inspiration for starting the blog?

Carbajo:Originally, my background was in the credit and business consulting industry. Ive been in the industry for 22 years. As a company, we utilized business credit a great deal when we needed access to capital. A large majority of clients that we consulted were business owners, but many of them were unaware of personal and business credit separation. They did everything using personal credit, whether it was investing in real estate or running the daily operations of their business. I realized theres a big gap in awareness and knowledge when it comes to the business credit building process. Thats what really excited me about bringing this information to entrepreneurs and business owners throughout the country, and I believe the best way to accomplish that was through blogging and social networking. Thats what inspired me to start it, and its been my mission ever since.

EQ: I assume there are very real risks when it comes to connecting your personal credit with your business credit. What sort of risks are out there?

Carbajo:Well, if you have yet to establish a creditworthy business, its important to focus on establishing a business credit profile with all three major business credit reporting agencies; Dun amp; Bradstreet, Equifax Small Business and Experian Business. Lenders, creditors and suppliers pull reports from these agencies when assessing the credit risk of a company. Without an established business credit file, credit grantors will rely on a business owners personal credit, because that is the primary risk assessment barometer they have. As a result, a business owner puts their personal credit and personal liability at risk every time because every transaction, whether it is credit cards, etc., affects your personal credit.

Its not just the personal credit and liability thats impacted, theres another risk from a tax perspective. If youre comingling personal funds with your business funds, its a nightmare for your bookkeeper, but at the same time you could jeopardize the protection of the corporate veil. Separating personal and business credit is another important part of protecting the integrity of the business entity that you have established.

EQ: When youre starting a business and building credit for that business, youre really starting from scratch. What are the primary steps one should take?

Carbajo:There are a couple of primary steps. In our platform the first step is to ensure that your company is in lender compliance. By compliance, I mean that youre set up as a real business, and so the first thing that every business owner should do is go through those compliance steps. This could be steps that theyve already taken, but its also ensuring that the details are consistent from formalizing your business structure, to having a Federal Business Tax ID (EIN), having a separate business checking account, etc.

In addition, your business phone number should be a dedicated business line, and you should also have a dedicated business email, and a company website to name a few. There are a lot of details that go into this process but once a business meets these standard requirements it will be lsquo;credit ready. The next step is to look at your existing expenditures for your business. Where are you spending your money on a day-to-day basis, and how are you spending it?

For example, if youre travelling for business you have ongoing fuel costs that youre incurring. Rather than using personal credit cards or using cash you should be using a fleet fuel card. Basically, you should conduct an assessment of where youre already spending money to operate your business are you using business credit for those expenses or personal?

EQ: Youve been doing business consulting for more than 20 years now, but what led you to the field to begin with?

Carbajo:I took various types of credit education courses way back in my 20s. I was always fascinated with the concept of leveraging credit so I attended seminars, workshops and courses on business credit amp; business financing,including FICOreg; education seminars. It was truly an incredible experience working with industry experts, successful entrepreneurs and business financing companies which ultimately led me to sharing this knowledge and experience on a national scale.

EQ: Youve been writing the blog for about 11 years now. Has it basically gone the way you anticipated? Did you have an original intent for it? Do you have a goal for it today?

Carbajo:My long term goal is for BusinessCreditBlogger.comto be the leading authority site for entrepreneurs, startups and small business owners in the area of business credit and business financing. Just like Google Inc. (GOOG) is the standard universal platform when youre searching for information, and Twitter is the standard universal platform for microblogging, my goal is for the Business Credit Insiders Circlesbusiness credit building system to be the standard platform used for building a credit worthy business. Simply put, this is the system to use to ensure you establish a creditworthy company, so you can stop putting your personal credit at risk and maximize your funding potential. Thats my long term vision for it.

EQ: What advice would you impart to prospective business owners, or even those who have already been at it for a while?

Carbajo:To sum it all up, the number one thing that a lot of business owners have missed is that they have to know their numbers. The numbers are the most important thing in every aspect of business, because if you dont know your numbers, youre basically building your business while blind. You could be generating revenue, but if you dont know your cost of goods sold, or you dont know your profit margins, youre not controlling costs.

People think Ill just get more credit, Ill just get more money, Ill throw it in the business and Ill be okay, but a lack of money is not necessarily the problem in most cases. One of the major roots of every companys demise is a business owner not knowing their numbers, and not knowing how to improve the bottom line.

EQ: What do you suggest a business owner do to improve their numbers?

Carbajo:They should be diligently looking at their profit and loss statements, going through their numbers and finding ways to improve their profit margins. Also, its crucial to create your financial projections from the bottom up rather than the top down. As a startup, you have to assess what amount of funds youre going to need to launch the company, to keep it operating, and to grow that company.

The problem with many small business owners is that they only focus on getting the funds needed to start the business, but as the business starts growing, they may need to hire more employees. They may need to purchase more inventory, and then they start looking for money. I like the philosophy of digging your well before you get thirsty. Its in a companys best interest to start the business credit building process during the early stages in order to have access to the capital they need when they need it.

EQ: Even in the niche world of financial blogging, you serve a specific market. Do you correspond much with other finance bloggers?

Carbajo:Yes, I currently contribute regularly to sites such as AllBusiness.com, About.com, Dun amp; Bradstreet Credibility Corp. and the Small Business Administration. I also collaborate with other industry experts such as Diane Kennedy and other financial bloggers in the industry.

EQ: Since you began a decade or so ago, financial blogging has taken off quite a bit. Have you noticed greater trust in finance bloggers throughout the industry?

Carbajo:I believe so. In the finance blogging world, trust is a crucial factor. In my opinion its all about transparency, honesty and integrity in the information and services you provide. I pride myself on providing top-notch information even free information as well as video tutorials, tools, references, and resources that help to establish a connection with business owners.

The other most important factor is the social connection the ability to be accessible online. Whether its Twitter Inc. (TWTR) , Facebook Inc. (FB) , LinkedIn Corp. (LNKD) or YouTube. I believe all those should work congruently, giving people the ability to connect with you as they prefer.

In the coming years your online presence is going to be an increasingly significant factor in how lenders and creditors view the creditworthiness of your company. Whats really interesting is that its already happening. For example, Kabbage, a leading online provider of working capital, does not just look at your revenues coming in from PayPal Inc. ($PYPL), or eBay Inc. (EBAY) they also review your Facebook and Twitter profile as well. With strong social profile factors, youre able to get greater quantities of credit. So, its essential to not just focus on your personal credit and your business credit, but also your social profiles your online credit. Now is the time for business owners to focus on building up their social real estate as this will play an even greater role in financing in the coming years.

For more on on business credit from Marco Carbajo, visitBusinessCreditBlogger.com.

2015
04/28

Category:
Credit Ratings

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S&P Boosts Financial Strength, Counterparty Credit Ratings on Hartford …

Standard Poors Ratings Services said today that it raised its financial strength and counterparty credit ratings on the core operating subsidiaries of Hartford Financial Services Group Inc. (NYSE: HIG) to A+ from A and its long-term counterparty credit rating on HIG to BBB+ from BBB. We also raised our short-term commercial paper rating on HIG to A-1 from A-2. The outlook is stable.

The upgrade is based on our view that the group has successfully executed a number of strategic initiatives to improve its risk profile from a number of well-executed strategic dispositions of its legacy run-off businesses, said Standard Poors credit analyst Sid Ghosh. These actions materially reduced the groups tail risks associated with its large legacy variable annuity businesses, especially those from its Japanese exposures. Moreover, the passage of the federal terrorism reinsurance program earlier this year has dissipated our concerns around workers compensation (WC) business. The upgrade also considers the continued strong operating performance of HIGs property/casualty (P/C) operations.

The stable outlook reflects our opinion that the group will be able to sustain very strong capital and earnings while maintaining disciplined underwriting and risk selection during the next 24 months. We expect the P/C segment to produce strong underwriting profitability and be a major contributor to the groups overall operating earnings. We expect the group benefits and mutual fund segments to be other sources of earnings diversification.

We may lower our ratings if, contrary to our expectations, the groups consolidated (life and P/C) capital adequacy falls below the AA level or earnings and financial flexibility deteriorate below current levels.

We are unlikely to raise the ratings in the next 24 months because Hartfords business profile, although very strong, is somewhat limited by its product lines compared with its higher rated peers.

2015
04/28

Category:
Establishing Credit

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Is My Credit Score Useful Outside The US?

Youve packed your boxes, leased your condo, sipped champagne at your bon voyage party and learned a few essential phrases in French (or Korean). One phrase that you probably won’t need to learn, however, is credit score. That’s not because they don’t exist in other countries: in fact, the American credit bureau Equifax operates in 15 countries spread across Europe and Latin America.

For some globetrotters, the headache that arrives the morning after the bon voyage party can’t be blamed on the third glass of champagne. It might be from that anxiety-provoking question: Will my credit score matter overseas?

The short and sweet answer– especially sweet to those whose credit score is in the lower ranges (see How Bad Is My Credit Score?) – is that no, your credit score won’t follow you overseas. In that sense, your credit score will do you less damage than a nasty cold caught at the JFK departure gate.

Up in the Air

The moment your 747 reaches altitude on the way to London Heathrow or Tokyo Narita airports, your American credit score does not exactly disappear into thin air. However, its power – at least on foreign soil – is negligible to nonexistent. Its true that many countries, including Canada and the UK, have credit scoring systems that are not entirely dissimilar to the American system. Yet not only is there no communication between the systems, expect to be surprised by key differences in the necessary components of establishing credit in other countries. For example, in the United Kingdom, lenders consider voting behavior as a positive sign – which means that unless you become a UK citizen and sign up for electoral polls, youll have to seek out other ways of establishing credit.

Its not that overseas lending institutions dont care about the credit history you´ve established in your country of origin. Countries such as Germany – which, as the financial stalwart of the European Union, has a highly sophisticated banking and credit system – simply lack the systems to thoroughly investigate a potential clients credit history in the United States.

While technology may have posed an initial barrier for the kind of global credit score system that might now be technically feasible, laws at the national and international level prohibit sharing credit histories with overseas lenders. The reason is consumer protection: The growing trend of identity theft, which preys upon customer data, makes such legislation essential.

What to Expect

If foreign lenders will not have access to your American credit score, what can you expect if you want to, say, open a credit card with a local bank or buy a car? Overseas banks and lending institutions may indeed inquire about outstanding debts in your home country. While such inquiries may not be followed up with verification, it goes without saying that it´s crucial to be truthful when dealing with overseas financial institutions. Expect to furnish income verification from your current employer, which should be fairly simple to obtain from your new place of work.

If Your Credit is So-So…

If youve consistently missed credit card payments or defaulted on a car loan, perhaps the promise of starting from scratch – credit-wise, at least – is one added appeal of an overseas adventure. This fresh start applies to those who have declared bankruptcy as well: Although total filings by businesses and individuals fell to 1.03 million in 2013 from 1.19 million in 2012, according to a report from the American Bankruptcy Institute, thats still no small number. In 2014 more than a million bankruptcies – both business and individual – were filed in the United States. While a bankruptcy doesnt “disappear” on your credit back home (see Bankruptcy and Your Credit Score), it will have far less power (if any) overseas.

If news that your credit score means about as much in Bogota as your local gym membership card provokes a sigh of relief, great. Just don’t get too relaxed. While an overseas relocation might offer a fresh start for those whose credit score back in the States prevents them from getting the best interest rates on major purchases like cars or homes, it’s not a catch-all solution – especially if you plan to repatriate to the United States in the future.

2015
04/27

Category:
Revenue

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Netflix shares soar on revenue, subscriber growth as stock split nears

Netflix posted a 24% sales gain in the most recent quarter as the video streaming companys subscriber base topped 60 million worldwide. However, an unfavorable exchange rate caused profits to dip. Here are the key points from Wednesdays first-quarter earnings report.

What you need to know: Improving quarterly revenue by nearly 24% year-over-year rarely qualifies as a disappointment, but, in Netflixs case, the company merely met Wall Streets lofty expectations. Netflix reported $1.57 billion in quarterly revenue, in-line with analyst predictions, according to Thomson Reuters. The companys revenue growth failed to reach the level achieved in the previous quarter, when Netflix posted a 26% gain.

Meanwhile, Netflixs

NFLX

profits fell by more than half to $23.7 million, or 39 cents per share. The company reported profits of $53.1 million, or 89 cents per share, during the same period last year. Netflix blamed the lower profits on currency-related transaction losses, becoming just the latest company to say that the strong US dollar negatively affected international revenue.

Despite the dip in profits, investors reacted positively to Netflixs revenue bump and another substantial subscriber increase. Though Netflix shares fell slightly Wednesday afternoon in regular trading, the stock gained 12% in after-hours following the earnings release.

Netflix shares have gained more than 40% so far in 2015. As The Wall Street Journal pointed out Wednesday afternoon, Netflixs recent stock surge has left the tech company with a larger market value than some of its rivals in the traditional media market, including CBS

CBS

and Viacom

VIA

, among others.

The big number: As usual, one of the most anticipated details in Netflixs earnings was the number of total subscribers. Not surprisingly, Netflix led off its letter to shareholders by noting multiple milestones: more than 40 million US streaming subscribers and plus more than 20 million overseas.

In total, Netflix added a record 4.9 million new subscribers in the quarter, which beat the 4.3 million added in the previous quarter. The companys global streaming membership is now 62.3 million, and Netflix said it outpaced its own forecasts both domestically and overseas when it came to adding new members.

In its letter to shareholders, Netflix attributed its growth to an expanding portfolio of original shows. The most recent quarter saw the companys release of the third season of popular series House of Cards along with a variety of new releases, including series Unbreakable Kimmy Schmidt and Bloodline. The company said it expects to add another 2.5 million new subscribers in the current quarter, which would represent an increase over the 1.7 million subscribers added during last years second quarter.

What you might have missed: Netflix, as it often does, used the earnings release as a forum to talk about rivals in the streaming content market. While Time Warners

TWX

HBO released its standalone streaming service earlier this month, Netflix reiterated that it believes there is plenty of room in the market for both HBO Now and Netflix to succeed given differing content. The company also isnt too worried about paid subscription services such as the Dish Networks

DISH

Sling TV and Sonys

SNE

Playstation Vue, along with a service rumored to be coming from Apple

AAPL

soon, all of which Netflix views as more of a threat to traditional cable companies and their pay TV bundle system.

Meanwhile, Netflixs dwindling DVD-by-mail segment had 5.5 million members, down from 5.8 million in the previous quarter, the company said. Netflix also repeated its plan to seek shareholder approval for a stock split, which it first announced in a regulatory filing with the SEC last week.

For more about Netflix, watch this Fortune video:

2015
04/26

Category:
Credit Ratings

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BUZZ-Australia’s BHP Billiton falls after S&P says may cut credit ratings

** BHP Billiton Ltds shares slide as much as 2.07
pct to touch their lowest since January

** Standard Poor placed credit ratings for the worlds
largest miner as well as other major miners on watch negative
due to the fall in iron ore prices

** In addition, Citigroup (NYSE: C – news) on Monday cut its rating on BHP
Billiton to neutral from buy with a target price of A$31 per
share (http://citi.us/1O5RmpP)

** At Tuesday low, it was down 15.6 pct since March 2, which
was its peak for the year to date

** Shares (Berlin: DI6.BE – news) in Rio Tinto Ltd (Xetra: 855018 – news) , whose credit ratings
were also placed on watch negative, down 0.4 pct

** Stock among the biggest percentage losers on the global
Dow Jones Titans Basic Resources Index

(Reuters Messaging:; nitin.sj.thomsonreuters.com@reuters.net)

2015
04/26

Category:
Establishing Credit

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Five Things Expats Without Foreign Credit Struggle With While Overseas

The difficulty of getting credit abroad shocked Aneesh Varma when he moved with his job at JP Morgan to the UK about eight years ago. He struggled to get a bank account, phone contract and credit card. The experience, he says, motivated him to help launch Aire, a London-based startup working to establish alternative credit scores for people with “thin” credit files, including expats.

“The current credit system was established in the last century,” says Mr. Varma. “And while it’s very data-driven, if you don’t have the data, you don’t have access.”

Aire is working to establish something like an international “financial passport” for credit that would draw on data such as a consumer’s professional background, decision-making process, and cognitive intelligence, says Mr. Varma.

But these are still early days for companies like Aire looking to buck the traditional credit-reporting system. In the meantime, financial planners say expats should prepare for the worst when it comes to establishing credit and procuring goods and services that require some credit. Here is a look at a few credit-related stumbling blocks:

Mobile-Phone Contracts: Expats whose employers do not provide mobile phones–or those expats who want phones for personal use–may struggle to get decent contracts and financing for new mobile phones. Some expats say they have ended up using pay-as-you-go plans that lack the convenience of more upmarket, long-term contracts.

Credit Cards: Even with pristine credit in your home country, wealth managers say you will likely struggle to get more than a basic card. Expats, for the most part, will need to establish credit just as they did in their home countries: slowly over time with basic cards that will likely not offer great rewards programs. Some expats have also reported problems getting more advanced credit card technology, such as cards that allow for contactless payment.

Premium Bank Accounts: While expats can usually get basic banking services, they’re less likely to be offered accounts with rewards, perks or benefits such as overdraft protections.

Internet Service: In some countries, broadband providers require that users have good-enough credit in that country to keep up a long-term contract.

Mortgages: In some countries, mortgages for non-citizens are either nonexistent or severely restricted. Some US banks offer mortgages for foreign properties, but be mindful of currency fluctuations. Wealth advisers also recommend being careful about making a long-term purchase if you are not entirely sure of how long you will remain abroad.

2015
04/25

Category:
Credit Ratings

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Message received: RComm recalibrates with credit ratings

Message received: RComm recalibrates with credit ratings
Following a botched deal five months ago, Reliance Communications (RComm) is once again planning to issue a dollar bond and will be sounding investors out starting on April 20. Learning from its mistakes, the Indian firm will be marketing the issue with credit ratings from both Fitch and Moody’s.

  • By Rev Hui
  • 17 Apr 2015

2015
04/24

Category:
Revenue

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Good news for Atlantic City as casino revenue jumps in March

ATLANTIC CITY — Though revenuesfrom table games and slot machines declined within the brick-and-mortar locations of many of Atlantic Citys surviving casinos in March, internet gambling helped boost the resorts fortunesoverall.

Total gaming revenue increased by 2.3 percent in March over the same month last year, jumping from roughly $199 million to nearly $204 million, according to data released on Tuesday afternoon by the state Division of Gaming Enforcement. When casinos that shuttered last year are included, however, the data shows revenue fell by 12.6 percent.

The Atlantic Club closed its doors in Januaryof last year, followed by the Showboat in Augustand Revel and Trump Plaza in September.

Matthew Levinson, chairman of the New Jersey Casino Control Commission, said a significant portion of the increase for the operating casinos came from internet gaming revenues last month.

The data released on Tuesday shows Golden Nugget posted the largest gain in March, with total revenues increasing by more than 40 percent to roughly $19 million.

Though part of that increase came from table games and slot machines, the casinos internet gaming revenues increasedin March to nearly $3 million. Thats ajump of 337 percent from the same month last year, when the casino pulled in nearly $680,000 from internet gaming.

Tropicana posted a gain of roughly 60 percent in March in internet gaming revenue, which helped keep the casinos revenue growth in positive territory despite a decline in table games and slot machines.

Online gambling didnt fare as well for Borgata, whichsaw revenues decrease in that area. Butthe casinos overall revenue still increased by 7.7 percent.

Harrahs also had a growth in revenue in March of 11.1 percent.

The citys boardwalk casinos werent as lucky. Ballys, Caesars, Resorts and Trump Taj Mahal all had an overall decline in revenue in March.Caesarss online gambling arm also saw its revenue decline in March.

Levinson noted that gaming revenue has increased at the remaining casinos for seven of the last eight months and last week those casinos reported a 12 percent increase in gross operating profits for all of last year. He said with new attractions coming to city, I anticipate this trend will continue into the summer months.

Erin ONeill may be reached at eoneill@njadvancemedia.com. Follow her on Twitter @LedgerErin. Find NJ.com on Facebook.