It’s been 45 years since the first casino opened in Atlantic City. After 4 1/2 decades, is Atlantic City better off? Are things getting better or worse?
Resorts International was the first legal US casino outside of Nevada that opened on May 26, 1978. Resorts was a monopoly for most of those years… this side of the Mississippi.
Casinos were supposed to breathe life into a tired city once known as America’s Playground.
Jim Allen, Chairman of Hard Rock is not so optimistic about Atlantic City’s gaming future. Allen said as much during a recent industry conference.
If we lose 20 to 30% of our business, it’s not going to be a great day for Atlantic City.Jim Allen, Hard Rock Chairman
Allen’s sobering comments are contrary to those supported by Atlantic City Mayor, Marty Small.
Allen suggests casino revenue numbers reported by NJ State are deceiving. Internet gaming and sports betting revenue are included in those monthly numbers. Most of that money stays with third-party companies that operate those digital gaming platforms.
Allen not shy about discussing Atlantic City’s issues.
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.Jim Allen, Hard Rock
The CEO of Resorts, Mark Giannantonio, predicted that New York City casinos would take almost 40% of Atlantic City’s revenue. If Giannantonio is right, the weakest casinos could be forced out of business. Read More.
FROM THE ARCHIVES: Listen to interview with developer Jeffrey Gural from Sept. 2016.
Jeffrey Gural runs Meadowlands Racetrack where a Hard Rock casino could be built.
Brick n mortar gambling: has been going backwards or flat, depending on the property, since last May.