Zona de Azar USA – New York Casinos Could Lead to Atlantic City Closures, Industry Experts Warn
USA.- April 24, 2023 www.zonadeazar.com Panelists at a major casino industry conference said the construction of three new casinos in New York could cost Atlantic City 20% to 30% of its casino revenue, a development that could possibly return the resort to the days of casino closures.
While not predicting that it will definitely happen, Jim Allen, chairman of the global Hard Rock casino, entertainment and hospitality company, on Thursday said that such a revenue drop could lead at least one Atlantic City casino to close. Hard Rock, which owns a casino in Atlantic City, is among the bidders for a New York casino.
Speaking at the East Coast Gaming Congress, Allen warned that New York’s coming casinos will have a big effect on Atlantic City.
“It could happen,” Allen told The Associated Press in an interview after his speech. “Atlantic City receives 20, 30-plus percent of its revenue from upstate New Jersey and downstate New York, and there’s no doubt it is going to have an impact on this particular market.”
Allen’s Atlantic City casino, along with the market-leading Borgata, and the Ocean Casino Resort are currently the top performing casinos in the market in terms of money won from in-person gamblers.
“So you have three or four that are very strong and then I think there’s a question as to what happens in that next level down,” he said. “I think its a concern that if these other casinos don’t perform, then inevitably from a business standpoint, is there vulnerability? I don’t think that changes unless there’s enhancement to the perception of Atlantic City.”
Allen has been a frequent critic of conditions in Atlantic City, including perceptions of cleanliness and safety for visitors. He acknowledged progress has been made, but said more remains to be done.
Mark Giannantonio, president of Resorts Casino and of the Casino Association of New Jersey, declined comment on Allen’s remarks.
Edited by: @_fonta www.zonadeazar.com
