While 2020 represented mostly bad news for the gaming industry as a whole – and the land segment in particular – 2021 was the year of recovery for many markets, including Atlantic City. New Jersey’s destination casinos reported profits not only above 2020, but also surpassing pre-pandemic levels, with operating profit of $766.8 million eclipsing the $594 million delivered in 2019. And as the industry rebounds, casinos are now deciding to reinvest and launch new projects.
Hoping that the momentum will continue this year and into the foreseeable future, Atlantic City venues are now spending millions to update their casino floors and general amenities this spring. As the industry seeks to put pandemic-related fears and restrictions in the rearview mirror, the city is looking to maintain its status as a gaming and entertainment heavyweight through refurbishing hotel rooms, revamping casino floors, new food and drink options, and more.
Resorts Casino Hotel
“The thing is, we’re still in recovery mode from the coronavirus pandemic,” said Mark Giannantonio, President of Casino Resortsaccording to an analysis report of the Associated press. “What will help is reinvesting in the product. A lot of places are spending real money on projects this year. Now expecting more tourists by next summer, venues are looking to maintain – or expand – their market share through million dollar investments in their properties.
For example, Resorts is investing $5 million in new table games and slots, as well as revamping its high-limit slots area; plus the creation of a new Asian-themed VIP room. But non-game gear is also part of the renovation menu, and the resort is redoing its rooftop pool by the end of July to make it fully closedbut with a retractable roof and panels, allowing it to open up on hot days and heat up on colder days.
Ocean Casino Resort
Ocean Casino Resort has no plans to lag behind, and the property unveiled $100 million worth of new gear, which will roll out between May and October this year.other reports PA. Venue completes 12 floors of hotel rooms which were never completed when the casino opened in 2012 -some should be ready in July-, and will also launch a reimagined sportsbook and add a new casual restaurantaccompanying “a strong increase in demand” since last year.
“This demand, combined with diminished concerns about pandemic travel and impending land-based tourism, will create great energy and volume for our resort and the broader Atlantic City market,” said Bill Callahan, general manager of Ocean Casino Resort., said according to the quoted source. And that volume could come: The US casino industry is off to its best two-month start in history, with casinos earning nearly $9 billion from gamblers in January and February.
Borgata Hotel Casino
However, the investments are not only a viable option to maintain market share in the state and in the face of expected increases in demand in the future, but also a reasonable strategy as New York casinos lurk around the corner. from the street.. The Empire State approved plans for three downtown gambling venues this weekend, which are expected to attract interest from some of the nation’s largest operators – and further lead to increased competition in the medium to long term.
The Atlantic town of Bally is also aware of the need to remain competitive and is investing $100 million over five years to increase its market share. The resort will be rejuvenated with new hotel rooms, a revamped lobby and a range of brand new amenities including The Yard – a beer garden-style venue featuring gastropub menus and live entertainment – and the Carousel Bar, a 360-degree rotating amenity that will debut Memorial Day weekend.
Rendering for Bally's Carousel Bar
Hard Rock Hotel & Casino Atlantic City is also on board with property renovations. “We’re looking to make sure this earthly community here in South Jersey remains truly stable,” Hard Rock AC Chairman Joe Lupo said. who was also recently named president of the Casino Association of New Jersey (CANJ), said Yogonet last month regarding the need to invest in casino properties. “We really need to work together to establish more beautification, a safer atmosphere here, more growth, more reinvestment. And I’m excited about it. The casino will invest in a series of renovations, including new slots and table games.
Meanwhile, Caesars unveiled last year a commitment to invest $400 million in its Atlantic City Resort by 2023, with a master plan including renovated room towers, new restaurants and amenities. New theater and resident show set to debut in Q1 2023as part of a project that will incorporate the facade of the former 1929 Warner Theater, which forms part of the casino’s exterior facing Atlantic City’s famous boardwalk.
Tropicana Atlantic City did not reveal details to Associated press, but said it will add eight new food and beverage outlets this year; while Harrah’s Resort Atlantic City will open three casual dining outlets. Golden Nugget Atlantic Cityon the other hand, did not respond to PA and has apparently made no announcements so far, which only leaves Hotel-Casino Borgata.
While Borgata has yet to make any concrete announcements, Travis Lunn, the new president and COO of the MGM Resorts property, said last month that the site was set to revamp its room offerings. hotels and installing new slot machines., among other changes, in an effort to maintain its market-leading position. Hotel rooms are on track to be a “clear priority”: it’s been 10 years since the casino last redid them.