Atlantic City Casinos Win $250.7M in April, MGM Resorts Developing Marina District Condos
Posted on: May 15, 2019, 08:16h.
Last updated on: May 15, 2019, 08:16h.
Atlantic City casinos won more than $250.7 million in land-based, online, and sports betting gross gaming revenue (GGR) last month, which is a nearly 17 percent year-over-year gain.
The beachfront town’s nine brick-and-mortar casinos reported GGR of $207.58 million from slots and table games, $36.58 million from online play, and $6.54 million in sports betting win. The statewide gaming industry – which includes sports betting revenues from the Meadowlands and Monmouth Park horse racetracks – brought total GGR to $265.38 million, a 23.8 percent surge.
Gaming and leisure customers have many options, both online and on site, and Atlantic City is positioned for a great summer season with its addition of new sportsbook lounges and other exciting amenities,” New Jersey Casino Control Commission Chair said James Plousis told the Press of Atlantic City.
Total GGR year to date in the state is at $1.03 billion. That’s $220.86 million more than where the New Jersey gaming industry stood at this time last year.
Approaching a quarter of a billion dollars in additional gaming revenue through four months of the year reads well. But there is another side to the story.
Though total wins are surging, individual properties are being negatively impacted by the addition of two new casinos. The June 2018 openings of Hard Rock and Ocean Casino Resort have poached land-based play from the seven earlier venues.
In fact, through April, all seven have won fewer dollars on their land-based gaming floors.
Land-Based GGR Declines
Golden Nugget (12.8 percent)
Harrah’s (11.8 percent)
Caesars (9.7 percent)
Tropicana (8.5 percent)
Bally’s (7.1 percent)
Borgata (3.7 percent)
Resorts (0.9 percent)
Even with online gaming and sports betting, five of the seven properties through April 2019 are lagging behind their 2018 win rates.
MGM Building Condos
In other Atlantic City news, MGM Resorts – parent company to the Borgata – has reached a partnership with New Jersey-based Boraie Development to build luxury condos in the town’s Marina District. Specifics on the financial arrangement between the two parties were not disclosed.
The casino operator owns a 14.71-acre parcel of land located adjacent to the Golden Nugget parking garage between Brigantine Boulevard and Huron Avenue.
We believe there is strong demand in the high-quality primary and second home market, and Boraie is the best possible partner to execute this project,” MGM said in a statement. “While we are very excited about this project and its potential positive impact on the city, at this time we have not yet established the project’s feasibility, and it is subject to extensive regulatory approvals.”
The US Army Corps of Engineers and Casino Reinvestment Development Authority (CRDA) must sign off on a zoning change to allow the property to be allocated for residential use.
The 200-condo community is currently being called the “M Residences.” Atlantic City Council President Marty Small said it will have a “gated community feel,” with each condo privately owned – not rented. A blueprint from the construction firm shows a pool, parking structure, and retail, dining, and office space.
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