Without a doubt, the Golden Nugget’s owner has a reputation for honesty. In fact, the businessman and author of “shut up and listen” have built a reputation thanks to his straightforward talk. And recently, in an interview, he was asked about the casino industry in Atlantic City. And in true Fertitta style, he didn’t bite his lips. In fact, when giving his opinion on the Atlantic City casino market, he didn’t hold back.
Indeed, he responded in a way that was true to his style. He said, “It’s not a 9 casino market, and I don’t understand why nobody realizes that.” But what is he basing this comment on?
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People listen when he talks
When it comes to business, Fertitta’s experience is undeniable. In fact, the 62 years old has fingers in many pies. And as the sole owner of Landry’s Inc, many see Fertitta as a successful businessman and a pioneer too. And so when he said that the arrival of the 2 new casinos affected everyone in Atlantic City, people listen.
But the man also acknowledges how the 2 new casinos still help Atlantic City and created many jobs. But, he couldn’t also help to point out that other casinos have had to lay people off. So, it’s difficult to see the net gain according to him.
More Competition Less Profit
In the same interview, Fertitta expressed fear about the growing market. He even thinks it could lead to cannibalization of profits. According to him in 2016, many stopped investing in their casino because of too much competition. Which meant that they were no profits in Atlantic City. So, he used this example to back his statement.
And, Fertitta isn’t the only one who think there too many casinos in Atlantic City. In fact, Jim Johnson one of Murphy’s advisor also recommended capping the number of casinos. Doing so would safeguard the current economy. And also make sure that Atlantic City keeps on thriving.