A New Casino In Atlantic City? MGM, Caesars Announce Plans For Joint ProjectCitywide Casino Profits Up Big In 2017 |
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Five Atlantic City casinos have closed over the last three years and change, but could the seaside gambling town now be set to get a brand new one?
Press of Atlantic City reports that MGM Resorts International and Caesars Entertainment Corp., which both already own casinos there, are eyeing a jointly-developed casino project.
“We are going to be working with our friends at Caesars to find out how we can further move Atlantic City along,” MGM CEO James Murren said during a press conference with Gov. Chris Christie on Thursday. “It’s not going to be easy, but we are up for the challenge.”
Atlantic City’s casino industry saw its profits grow by 30 percent in the first quarter of this year. The casinos had revenue of $816.7 million from Jan. 1, 2017 to Mar. 31, 2017, an increase of 1.7 percent compared to the $803.1 million from the same period last year. Casino win accounted for $606.2 million of total revenue, an increase of four percent year-over-year.
Online gaming is booming in the Garden State. Through the end of April, internet gaming revenue of $80.1 million was up 29.5 percent year-over-year from $61.8 million.
Atlantic City gaming win of $2.6 billion in 2016 was up slightly over 2015, and the first time gaming win increased year-over-year in a decade. It was $5.2 billion in 2006.
According to Christie, details on the MGM-Caesars project could be coming in the next few weeks.
MGM’s owns Borgata, Atlantic City’s top grossing casino.
The announcement comes as Revel, the city’s most expensive casino ever built, still sits empty and has no clear path toward reopening. There was good news in March when it was announced that the Trump Taj Mahal, which closed in October, would be taken over by Hard Rock International. The casino could reopen next year after a complete rebranding.
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