Plenty of plans for casinos
Casinos in Atlantic City have a number of new projects in the works for 2022 with the aim of boosting their appeal to a broader audience. This is despite the ongoing uncertainty created by the COVID-19 pandemic.
The Resorts Atlantic City Hotel and Casino will begin a significant renovation of its rooftop pool in February. A new retractable roof will make the rooftop usable at all times of the year. The casino is also investing $5m in new slot machines and table games, as well as remodeling the high stakes slot machine area, and developing a new VIP room with an Asian theme.
Meanwhile, the Ocean Casino Resort will kick off a $75m project either in the spring or summer. Through this, the casino plans to complete the dozen hotel floors which were unfinished when the property first opened as Revel in 2012.
Caesars Entertainment plans to invest $400m over the next three years
Caesars Casino will develop a new theater and show with a launch date penned for the first quarter of 2023. It also plans to open a new restaurant and remodel different aspects of the hotel in collaboration with Nobu Hospitality. In all, Caesars Entertainment plans to invest $400m over the next three years in improving its three Atlantic City properties.
Finally, Bally’s will launch 75 renovated hotel rooms, a remodeled bar and lobby, as well as an indoor-outdoor entertainment facility.
Apart from the various projects in the works for casinos, there are some non-gaming-related projects planned for Atlantic City next year. This includes a $100m water park development, construction of the city’s first major supermarket, as well as Stockton University’s plans to finish a new hall for student residents.
Atlantic City is also starting to invest heavily in the offshore wind energy sector. A new training center for those looking to work in the wind sector will open in the city next year, while officials also have plans to develop an operations and maintenance center for the industry.
Challenges ahead for the sector
There are still plenty of challenges facing casinos in Atlantic City in addition to the ongoing COVID-19 uncertainty. In-person gaming revenue levels are still below pre-pandemic figures at most of the city’s nine casinos. That said, Atlantic City casinos will get some relief as a result of a tax bill that passed in December.
Revenue from sports betting and iGaming has also helped New Jersey casinos mitigate the impact of the pandemic. However, the launch of legal online sports betting in New York in the coming months will likely dampen sportsbook revenue in New Jersey.