SANDS SUFFERS THIRD STRAIGHT QUARTERLY DECLINE

August 15, 2001 7:45 PM
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Billionaire Carl Icahn has seen the Sands Casino Hotel in Atlantic City sustain its third straight quarterly drop since taking ownership.

The parent company, GB Holdings, reported a cash flow of $6.8 million. The total was an 18.5 percent decline. The Sands reported an 8.5 percent increase in overall expenses.

"I think it's pretty indicative of what's going on in this city," Sands CEO Alfred Luciani said. "We had a good April, a bad May and a decent June."