Ocean Casino Resort in Atlantic City Building $5M Sportsbook Venue
Posted on: March 14, 2022, 01:26h.
Last updated on: March 14, 2022, 02:04h.
Ocean Casino Resort is nearing completion of its $75 million property upgrade. The Atlantic City Boardwalk property this week unveiled that its latest component of the project overhaul is a 12,000-square-foot sportsbook venue called The Gallery Bar, Book & Games.
The Gallery, Ocean reps say, is a 100-foot elevated bar and lounge that features nearly 60 seats with a 140-foot-wide LED wall. The space will feature a small complement of slot machines and table games ideal for social gatherings, such as roulette and blackjack. The casino is spending $5 million on the venue.
This new venue will enhance the guest experience by providing an unbeatable atmosphere right in the heart of the casino floor,” said Ocean Casino Resort General Manager Bill Callahan.
The Gallery Bar, Book & Games is the first major renovation under Callahan’s leadership. He was promoted to the casino’s top executive position just last month. The new space is slated to open this summer.
Ocean Changing Tides
Ocean Casino Resort announced a new ownership structure last year. Detroit-based Ilitch Holdings, which owns the Little Caesars pizza chain, as well as the MLB Detroit Tigers and NHL Red Wings, now controls a 50% stake in the Atlantic City casino.
Ilitch doled out $175 million for the 50-50 position alongside Luxor Capital, which acquired its share through bankruptcy. Ocean opened as Revel in 2012 at a cost of $2.4 billion.
Ilitch, which additionally owns and operates the MotorCity Casino Hotel in Detroit, announced in conjunction with its first casino investment outside Detroit that Ocean would spend $75 million to update the destination.
The budget includes finishing 12 floors of guestrooms that were never completed. Ocean says the enhancements will bring 460 additional rooms and suites online.
Along with new owners, new rooms and suites, new high-limit VIP facilities, and a new sportsbook, Ocean is updating its dining attractions. The casino announced in December the addition of Serendipity3.
The dessert eatery made famous by John Cusack and Kate Beckinsale in the 2001 rom-com “Serendipity” is replacing the former Café 500 near Ovation Hall. The joint known for its “Frrrozen Hot Chocolate” is set to open this spring.
Ocean Casino continues to increase its position in Atlantic City’s gaming industry. The casino ranked third of the nine properties last year in terms of both gross gaming revenue (GGR) and net revenue. Ocean trailed only Borgata and Hard Rock in both.
But when it comes to gross operating profit — which is a widely-accepted measure of profitability in the Atlantic City gaming industry — Ocean ranked fifth. Through nine months of 2021 (Q4 data has not yet been released), Ocean reported a gross operating profit of $62 million.
MGM Resorts’ Borgata more than doubled that profit number at $126.6 million. Hard Rock reported an $81 million profit, Tropicana $92.3 million, and Harrah’s $78.3 million.
Ocean’s capital expenditures factored into the casino’s bottom line. The resort is betting big on the investments paying off in 2022 and the years ahead.
“Ocean is dedicated to being the premier gaming destination in the Atlantic City market,” Callahan concluded.