April 26, 2024
If you keep up with the gambling industry, then you know that Atlantic City casinos have been fighting an uphill battle for quite a while. They were struggling before the pandemic hit, and the shutdown certainly didn’t help them. Now they are facing even more threats to their survival, both from out-of-state competition and other New Jersey gambling.
Atlantic City casinos are looking at challenges from the growth of casinos in New York State and the New Jersey Meadowlands. During the recent East Coast Gaming Congress hosted at the Hard Rock casino, industry veterans acknowledged the imminent threat posed by the planned issuance of three new casino licenses in downstate New York.
Jim Allen, the chairman of Hard Rock International, brought attention to the potential consequences of New York’s rapidly growing gaming scene on Atlantic City’s revenue streams. Projections indicate a substantial potential decrease of up to 30% in on-site gambling revenues. While expressing faith in the resilience of Atlantic City’s Hard Rock establishment, Allen cautioned against the potential ramifications of closures, evoking memories of the industry slump experienced between 2014 and 2016.
Meanwhile, Atlantic City Mayor Marty Small expressed a sense of urgency in the matter. “Now more than ever we know there’s a threat coming with New York City gaming…” Small said at the conference. “We understand the threat. We want to continue to work together to do things right to put Atlantic City into a prime position…”
President of the Resorts Casino and the Casino Association, Mark Giannantonio,, confirmed the seriousness of the situation, but still expressed optimism about the future of Atlantic City casinos. He believes they still have a couple of years to get more police on the streets and clean up the homelessness problem… but the clock is ticking.
