ATLANTIC CITY, N.J. (AP) – Atlantic City casinos are facing threats on multiple fronts from new competitors not only in New York but from within their own state.
That’s not good news for the seaside resort, which has seen a hiatus in winnings from in-person gamblers, with seven of nine on-premises casinos winning less from customers than the COVID-19 pandemic. was before
At the East Coast Gaming Congress Thursday at the Hard Rock Casino, several executives from some of America’s biggest casino companies recognized the opportunity for New York’s three-down casino licenses — and the threat they would present to Atlantic City.
And the operator of a racetrack in northern New Jersey, just outside New York City, told The Associated Press that he believes New Jersey voters will approve building a casino in the Meadowlands shortly after the New York casino opens. Will give and New Jersey gamblers will get tired of paying bridge tolls. And sitting in traffic to get to the gambling halls in New York.
“Now more than ever we know that New York City is at risk with gaming,” Atlantic City Mayor Marty Small said at the conference. “We understand the risk. We want to continue to work together to do the right thing to put Atlantic City first, regardless of where these casinos are, as we diversify our options.”
Jim Allen, chairman of Hard Rock International, covers both markets.
His company operates a casino in Atlantic City that is the second most successful in the market. And Hard Rock is partnering with New York Mets owner Steve Cohen on a proposed $8 billion casino complex at Citifield in the Queens section of the city.
If three casinos open in or near New York City, Allen said, Atlantic City’s in-person gambling revenue could drop 20% to 30%.
“We have to be prepared for that,” he told attendees at the conference.
Allen said Atlantic City’s hard rock will weather New York’s storm of competition. But he said he doesn’t want to see any competitors close to the city, repeating a wave of casino closings in Atlantic City from 2014 to 2016 that put 2,000 to 3,000 people out of work, including five Casinos were closed. Two have since reopened under new ownership.
Tom Rigg. The CEO of Caesars Entertainment, which owns three of Atlantic City’s nine casinos, also said the New York casinos will be a challenge. His company, too, is seeking a New York casino license along with SL Green in Times Square and Roc Nation.
“We are pursuing this license with enthusiasm,” Reg said. “I share Jim’s concern about where the (Atlantic City) market is going when we move to New York.”
Soo Kim, chairman of Bailey Corp., which owns a casino in Atlantic City, said it will be “difficult to capture” table game revenue from New York gamblers once the casino opens in New York City. “There are casinos everywhere, with casinos in New York, Pennsylvania and Delaware.”
New Jersey can count on its strong Internet gambling market to offset some of the expected losses, he said.
The concerns don’t end with New York.
Jeff Goral operates Meadowlands Racetrack in East Rutherford, New Jersey, just outside of New York City, as well as Tioga Downs and Vernon Downs Racetrack Casinos in upstate New York.
It also has a deal with Hard Rock to build a casino at the Meadowlands Racetrack — a proposal that was floated after New Jersey voters overwhelmingly approved a 2016 referendum to expand casino gambling beyond Atlantic City. was rejected by
“I’m just waiting for New York to open up,” Goral said in an interview. “People will say, ‘Why am I driving over the George Washington Bridge and paying an $18 toll and sitting in traffic to gamble?'”
Gural said the 2016 referendum failed largely because it was written to allow more than one casino in northern New Jersey without specifying where.
“People don’t want a casino in the neighborhood,” Goral said. “If we make it clear that it’s only in the Meadowlands, common sense tells you that there will be a casino in the Meadowlands.”
Goral said that would happen “much sooner than 10 years.”
Atlantic City sees New York’s casinos as a threat, said Mark Giannantonio, president of Atlantic City’s Resorts Casino and the Casino Association of New Jersey, during the opening day session of the convention on Wednesday.
“New Jersey has to be ready for that, to make Atlantic City more attractive to people, and there’s a lot of work to be done,” he said. “Table games will obviously be affected.”
He said Atlantic City has a “two-year window” to prepare to compete with New York by cleaning itself up, improving its infrastructure, and assigning more police to the boardwalk and other areas. is so that bystanders can see the presence of law enforcement agencies. He also said Atlantic City needs to address its homelessness problem.
But Giannantonio said Atlantic City could survive the arrival of new competition in the already cutthroat Northeast casino market.
“I always rely on hotel, entertainment, retail and casino floor experience,” he said. “I believe in my heart that Atlantic City, with some hard work, will have a chance. We’re excited about the future.”
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Credit : apnews.com
