Owner of Golden Nugget casinos, Tilman Fertitta, has commented on how there are too many casinos in Atlantic City. Fertitta said the openings of Hard Rock and Ocean Casino in 2018 added new competition Atlantic City can’t support. “It’s not a nine-casino market, and I don’t understand why nobody realizes that,” said the owner of the NBA Houston Rockets. The comments were made at his recent book launch in New Jersey
He added: “You could say that the market is going up and that we’ve added thousands of jobs. But now every other casino has had to lay off jobs, so I don’t even know how big the net gain is. But now, none of the casinos have the cash flow that they did.”
Atlantic City Casinos Profits in Decline
And it’s not just Fertitta seeing this. The numbers are painting a similar image. Over the past few months, reports on the recent statistics show that Atlantic City hit an oversaturation point. After the city posted disappointing 2018 gross operating profits, the New Jersey Casino Control Commission Chair James Plousis said “thousands of jobs and many new exciting amenities position us well for continued growth”. But then in 2019, when the numbers showed a continued decline, Plousis said the results show “the market was still adjusting to the new level of competition.”
Looking at Atlantic City’s seven out of nine casinos, all reported declines. Bally’s profits dropped 32.2%, Resorts declined 21.8%, Caesars 26.9%, and Tropicana dropped 8.4%. The Borgata, the city’s richest casino, was down 3%. The Golden Nugget and Harrah’s lost 19% and 34% respectively.
It seems like in a scene like Atlantic City, a casino should look at more than just foot traffic to make up profits. Fertitta’s Golden Nugget has caught on and is slowly cornering another market – online casinos. From January to August 2019, the casino’s online gaming operations have increased to US$108.5 million. Versus last year, this is a 63.3% increase.
For more US casino news, check out BestCasinoSitesOnline.com.
There are several healthy ways to deal with losing money gambling. Gamblers have to find a way to cope with not winning whenever they visit the casino. What helps players accept losses is when they don’t lose all of their money gambling. This is because they manage their bankroll effectively. If you lose your set […]
Craving the thrill of winning big? Hold onto your hats, casino fans, because Cafe Casino’s Hot Drop Jackpots are about to blow your mind. Buckle up as we dive into this jackpot fiesta, where prizes drop around the clock. Hence, turning every spin into a potential life-changer. CLAIM NOW Hot Drop Jackpots Every […]
Sporttrade, a sports betting exchange that allows users to trade bets like stocks, has launched its online platform in Colorado, its second state after New Jersey. The Philadelphia-based operator partnered with GF Gaming to enter the Colorado market, which has generated over $12 billion in sports betting handle since 2020. What is Sporttrade and how […]
Have you heard about El Royale Casino’s exclusive Happy Hour Slots Bonus? This bonus was designed to elevate your real money gaming experience. This amazing offer is bubbling over with up to a whopping cash bonus of up to $1900! But this isn’t your average happy hour special. Only special club members get the golden […]
Love and excitement fill the air at Limitless Casino as the $50,000 Valentine’s Vault Tournament captivates players across America. Running from February 1st to 28th, 2024, this thrilling event offers an opportunity to indulge in the spirit of Valentine’s Day while competing for a share of the generous prize pool. CLAIM NOW How to […]
Home » Atlantic City Reaches Oversaturation of Casinos
