Atlantic City Market Growth More Relevant Than Number of Casinos
After the closure of five casinos and a period of decreasing gambling revenue in Atlantic City, the casino industry is slowly recovering. Last year, the city recorded $2.5-billion in revenue from table and slot games which was a slight increase from the $2.413 billion that came in during 2017.
Nine casino properties are now currently up and running in Atlantic City. Hard Rock and Ocean Resort casino started operation in June 2018 and initially there were concerns that it could cause market saturation.
However market analysts see the increase in casino establishments as an indicator of progress for the gaming industry, boosted even more by the legalization of sports betting.
However, they admit that if Atlantic City witnesses more internal competition, it could end up making a negative impact on gross gaming revenues.
Some market experts are now saying that Atlantic City is missing the big picture. If the city fails to learn how to effectively cultivate proper growth in the gaming industry, then the increasing number of properties operating in the city will amount to nothing.
Michael Pollock, managing director of Spectrum Gaming Group said Atlantic City should be focusing more on how to sustain the market’s viability and increase profitability by enhancing value, experiences and visitation. The question as to how many casinos should be allowed to operate in the city is absolutely irrelevant as there are more pressing issues that need to be addressed.
Atlantic City Must Get A Makeover
The Greater Atlantic City Chamber recently hosted a business forum which saw industry executives come together to share their thoughts on how to develop and grow Atlantic City’s market.
Some of the suggestions that came out include setting up more non-gaming facilities; casino operators improving their products and services; enhancing the image of Atlantic City and analyze different factors that play a crucial role in the overall progress of the casino market.
Incorporating easier and more convenient access to the Atlantic City gaming market was one of the main talking points at the forum. One way to achieve this is to increase air travel to the city through more convention bookings. Transforming the image of the City should also take priority in order to bring in tourists from other states and overseas.
Marcus Glover, President and Chief Operating Officer of Borgata said that social issues currently faced by the city are pushing away potential customers and are hurting businesses. Atlantic City should avoid getting trapped in the crosshairs of negative attention and should only paint a positive picture for visitors and investors.