Atlantic City’s casinos have bounced back – here’s the proof
The last couple of years brought many new challenges to our nation and Atlantic City’s casino industry. However, AC is no stranger to overcoming difficulties. And the report published by the NJ Division of Gaming Enforcement (DGE) on Friday, April 8th, proves the resilience of the Garden State’s capital. Atlantic City is back. Read more.
Indeed, according to the DGE, in the 4th Quarter of 2021, total gaming revenue, the industry has never been in better shape. Together AC’s 9 casinos produced $764.1 million in 2021, which is impressive considering that 2020’s total amounted to $174.4 million. While 2020 is no benchmark for the AC’s Gambling industry given the lockdowns. Even if we compare the figures with 2019 ($594 million), things look bright. But are there any venues that stand out? You’ll have to read the breakdown of AC’s casinos intake that follows to know that.
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Atlantic City is back: Harrah casino – a massive revenue jump
It is true that Harrah’s has somewhat lagged behind other large operators such as Borgata, Hard Rock, and the Golden Nugget when it comes to revenues. However, the jaw-dropping 80.3% year-on-year (YOY) Net Revenue variance the DGE highlighted shows that the $400 million investment into the property is paying off. At the same time, the capital invested in the casino will take years to be amortized. Nevertheless, the 2021 figures are trending positively, which should be excellent news for Harrah’s board and investors. In fact, in the DGE’s findings, you’ll notice that Harrah’s has the steepest Net Revenue increase. Let’s hope they can keep their momentum.
Ocean Resort Casino – the 2nd best new revenue growth
Without a doubt, besides the pandemic, Ocean Resort Casino has had other challenges to overcome. In 2019, the casino lost its president to a tragic car accident, resulting in Luxor Capital Group taking over the business’ helm in the first quarter of 2021. When the transaction was made public, everyone knew that the deific family left big shoes to fill. Yet, after producing a 57.6% revenue increase, YOY Luxor Capital Group shows what it can do in AC’s gambling and hospitality scene.
The Ocean Resort Casino may not top the earners’ board as this honor is reserved for the Borgata Casino. But the venue placed second on the growth podium. So they are doing everything they can to take the lead on next year’s earner chart. Fingers crossed it works for them.
Atlantic City is back: Borgata Casino – top earner but…
Month on Month, the Borgata casino tops the earners’ leaderboard in Atlantic City. Yet, when looking at the DGE’s figures, this venue shows a less favorable curve than others. It ranked 3rd on the variance with a 53.2% growth YOY. And when looking at the Gross Operating Profit (Loss), the variance is 198.6%.
But now that the Borgata casino has remodeled its lobby, more property uplifts are on the cards for them. 2022 could see them lead on all fronts, especially with their online casino, as it is one of the best in New Jersey.
Atlantic City is back for more positive changes – a $2.7 billion project is on the card
It’s long been thought that what Atlantic City missed was a functioning airport. But, the runway would need serious touching up before any planes can touch down. Yet, DEEM Enterprises, a Californian company, has other plans for it.
Indeed, about 1 month ago, the company proposed to turn Atlantic City’s Bader Field airport into a racetrack for exotic car enthusiasts. If this project takes off, it’ll undeniably bring even more folks to America’s favorite playground as “there is literally nothing like this anywhere in the world,” said Michael Binder, who’s behind the idea. And the 2,000 apartments and houses overlooking the nature trail a stone’s throw from the boardwalk could mean that even more high rollers could call AC home. And that should be music to all casino owners’ ears. As you can see, Atlantic City can bounce back. And even put things into high gear when needed.
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