Atlantic City Hilton and ACH) closed followed by Te Showboat in 2014 and then Trump Plaza Hotel, Revel and Taj Mahal.
Te decline over the last few years is down to a weakened economy coupled with increased competition from gambling halls in neighbouring states. Te concept of ‘destination gambling’ is, as a result, losing its appeal as players spend less and choose to play closer to home.
Neighbouring states are siphoning players who at one time came exclusively to Atlantic City to gamble.
Pennsylvania approved slots back in 2006 followed by table gaming, whilst New York City introduced VLTs at its racetracks in 2004, plus has four new commercial casinos opening; then there’s Maryland which approved casinos in 2010 and then table games in 2013. Massachusetts opened its first slot hall in 2015 with more casinos set to follow.
As neighbouring states’ gambling sectors blossomed, New Jersey struggled to keep afloat with its gaming revenues and hotel demand dwindling. It is said 25 million previous Atlantic City customers within a three hour drive are
now closer to gaming in another state. Atlantic City’s primary market of under a 60 minute drive is just over half a million people.
Tere are now currently seven casinos open in Atlantic City, which between them operate 14,200 slots and 840 table games. Revenues in 2016 for the city were $2.6bn – landbased casinos were responsible for $2.4bn of this (down 0.3 per cent), however, revenues from online gambling saw a 32 per cent rise from 2015 bolstering revenues as a whole.
Back in 2012 New Jersey passed a law legalising online gambling for Atlantic City players inside the border of the state and several operators now run 20 different casino and online poker sites. So after 10 years of decline Atlantic City revenues are now on the reverse.
LAST ONES STANDING... Te seven casinos saw earnings increase by
nearly 17 per cent to $221m in March 2017 compared to a year ago whilst internet gambling increased by 40 per cent in the same month totalling more than $21.7m (the biggest month for the online sector in three and a half years).
Te casinos still open include:
Borgata is a marina property which opened in 2003 by MGM Resorts and was the city’s highest performing casino last year with 29 per cent of the market bringing in $696.2m in revenue.
Harrah’s opened in 1980 by Caesars Entertainment and has a 15 per cent market share with $374.3m in gaming revenue.
Tere are now currently seven casinos open in Atlantic City, which between them operate 14,200 slots and 840 table games. Revenues in 2016 for the city were $2.6bn – landbased casinos were responsible for $2.4bn of this (down 0.3 per cent)
NEWSWIRE / INTERACTIVE /
247.COM P39
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