Hard Rock Hotel and Ocean Casino Resort are about to celebrate their first anniversary In Atlantic city and their impact on nearby properties in the area is also beginning to take place.
Both resorts opened their doors in the city in 2018 June, and experts had begun questioning whether it is possible for the city to sustain the cost of nine casinos. The revenues had been declining for almost a decade. And in the past two years, five gambling halls have shut down. The results are still unclear.
The gaming revenue for the market has witnessed a surge for the past 12 months. But the issue is that some of the growth has come at the expense of operators that still exist. And as the rise in internet gaming comes into existence, with online casinos like Gclub flourishing, this has helped offset losses for some properties.
The market that had been flat for a couple of years is now impacting other properties, says industry experts.
“Obviously, if you keep adding casinos, you’re going to diminish the overall performance of the existing ones,” said Brian McGill, managing director and senior research analyst for Telsey Advisory Group.
Each month, gaming revenue is witnessing an increase in the city market. And with hard rock and ocean casino joining the market, the gaming revenue increased by 7.5% in the year 2018. And in 2019 we witnessed a surge of almost 21%.
