Is Atlantic City Ready For The Next Wave Of Casino Competition?
Kevin DeSanctis warned at the East Coast Gaming Congress that Pennsylvania casinos would shrink the Atlantic City casino market. De Sancti was correct. The industry revenue dropped from $5.2 billion in 2006 to $2.6 billion last year. Now Jim Allen is warning about the planned opening of three new casinos in the New York City region in next few years. He believes New Yorkers will be able to compete with Atlantic Cities.
Yonkers Raceway and Aqueduct opened slot machines next to horse racing facilities 15 years ago. Four of Atlantic City's 12 casinos closed in 2014. Hard Rock opened in mid-2018 as a refurbished version of the latter casino. Ocean Casino launched on the same day as the reincarnation of Revel.
Allen is a native of Atlantic County and he has worked in AC casinos for more than 40 years. He believes the industry will be hurt by the opening of New York City-area casinos.
Allen is a fan of the city of Atlantic City. He praises the mayor and the way the area is maintained. Allen thinks vacant lots should be cleared and green. He also likes Asbury Park's renaissance.
DraftKings has become a big player in the sports betting industry. The company has a revenue of almost $4 billion. Seminole Tribe wants to bring legal sports gambling to its casinos. Hard Rock will express formal interest in New York City casino process in December. It will do the same for a proposed downtown Chicago casino by the end of this week. HardRock still expects to build a casino on the Las Vegas Strip.