In New Jersey and a new state-backed investigation has reportedly determined that the nine-casino market of Atlantic City is currently oversaturated and that this may be hampering local operators as they endeavor to invest in their venues.
Although aggregated gross gaming revenues in Atlantic City increased by 22.9% year-on-year for October to reach $293.9 million with seven of the seaside city’s nine casinos posting modest rises, the examination reportedly determined that most of this improvement was down to the Ocean Casino Resort and the Hard Rock Hotel and Casino Atlantic City.
The study suggested that this lack of new business is leading to a fall in profitability, which is crimping cash flows and hindering operators’ ability to invest in their venues so as keep them current for gamblers and guests.
The research purportedly moreover advised that this situation may become even worse next year due to the increased competition engendered by the expected opening of the Live! Hotel and Casino Philadelphia in nearby Pennsylvania.
Gross gaming revenues in Atlantic City declined by over 50% from their 2006 peak of over $5.2 billion to just over $2.5 billion in 2018 and this effect further diminishes any growth-inducing capacity of new casinos in Atlantic City.
No Copyright infringement intended. Video/Photo Unknown Direct for credits/issue or text us +57 3606412 ... | Respect to Photographers & Influencers
