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New York casinos pose threat of closure for Atlantic City

Publish Date: 04/23/2023
Fact checked by: Mike Goodpaster

The establishment of three new casinos in New York could lead to the closure of some Atlantic City casinos, panelists at a recent casino industry convention said. They estimated that the new casinos might cause a loss of up to 30 percent of Atlantic City’s casino revenue.

Chairman of Hard Rock International and CEO of Seminole Gaming, Jim Allen, said that at least one Atlantic City casino could close due to the potential revenue drop. The Hard Rock is bidding for a New York casino license.

“It could happen,” Allen told The Associated Press during the East Coast Gaming Congress. “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.”

According to him, there is a possibility that only three or four Atlantic City casinos will remain profitable, leaving the others vulnerable if they underperform.

Allen also noted that the perception of Atlantic City could change with enhancements to cleanliness and safety measures.

Atlantic City to survive by diversifying business

According to Duane Bouligny, managing director at Wells Fargo, casinos with good leadership and a willingness to invest in their businesses will experience growth.

“The ones that don’t will get right-sized or shut out of the market,” he said.

David Schwartz, a gambling historian with the University of Nevada, said that the response of Atlantic City’s nine casinos to the new competition would be critical.

He also said that Atlantic City has an opportunity to respond by diversifying its amenities and focusing on superior customer service for gamblers. This could offset the convenience of the local casinos in New York and attract customers to Atlantic City instead.

Atlantic City has been trying to diversify its business model to reduce its dependence on gambling. These efforts include investing in new hotel rooms, restaurants, entertainment and conference venues.

Caesars Entertainment, on the other hand, is adding a new entertainment venue and a residency show similar to those in Las Vegas. These new attractions could help attract more visitors to Atlantic City and make it a more attractive destination, even as it faces competition from the new casinos in New York.

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