Two New Casinos in Atlantic City Could Be Too Much for its Market
Both new casinos – Ocean Resort Casino (former Revel) and Hard Rock International-branded resort (former Trump Taj Mahal) will open their doors to visitors on June 28, and although this is a good news for the city’s recovering gambling market, many fear the move could oversaturate it.
Recovering from a Disastrous Decade
For a long period, Atlantic City had the second highest annual gambling revenue in the United States, with Las Vegas being the unquestionable ruler of the market. This, however, changed after 2006, when a number of states on the East Coast started expanding their gambling industries, dealing with Atlantic City a mighty blow.
Atlantic City simply couldn’t compete with the neighboring states, and by 2014 many of the city’s casino began to struggle to stay in business.
The worst period for Atlantic City was between 2014 and 2016, when five casinos were closed, including Revel, which went out of business in 2014, and Trump Taj Mahal, which was closed two years later.
But the times are changing and the remaining Atlantic City casinos are once again recording growth. According to 2017 results, seven casinos operating in the city recorded a rise in profits in 2017.
But what will exactly the opening of two new casinos bring to the city and is it ready for an expansion at this moment?
A Busy June for Atlantic City
The future Hard Rock Hotel & Casino Atlantic City will offer more than 2,000 slot machines and 120 table games, and its owners promise a one of a kind gaming destination, targeting a wide audience of visitors. The hotel itself will have around 2,000 rooms and a will include an event center with 7,000 seats.
Ocean Resort Casino is owned by Bruce Deifik, a real estate developer who invested $200 million into the renovation of this property. The first news that the two venues could be opened on the same day initially appeared last month but were confirmed only recently.
Deifik said he planned to introduce a number of changes to the venue, including designated areas for smokers and a new entrance to the gaming floor directly from the Boardwalk.
The casino is still waiting for the license from the state’s Casino Control Commission, but according to available information, this „problem“ will be sorted out at the Commission’s meeting on June 6.
The opening is scheduled to take place only a couple of days before July 4, which is traditionally one of the busiest periods of the year for the city’s casinos.
The opening of two new casinos is a good news for Atlantic City and its visitors, who will be able to enjoy a wider offer. But should we be concerned? Could two new venues be too much for the market that is still recovering from a catastrophic decade? Or will they help recover the former glory of The World’s Famous Playground? Only time will tell.