Summary: While the Golden Nugget is the top earner with online gambling in the New Jersey, they have recently made moves to take over the number one spot regarding gambling as a whole in the state.
Over the past few years, the Golden Nugget has cemented themselves as the top earner when it comes to legal online gambling. Holding the majority market share, the Golden Nugget was the first to hit the $5 million monthly revenue mark as well as surpass the $10 million mark and show no signs of slowing down. The brand has done so well and have continued to grow in other ways, now with the potential to surpass the Borgata as the number one overall operator in NJ.
Hoping for First Place
The month of January was a good one for the Golden Nugget as the operator was able to reach the number two spot for overall gambling revenue in Atlantic City. They are gaining closely to the Borgata and hope to take over the number one spot soon. For 2018, the Golden Nugget ranked 4thamong the nine operating casinos in the state so the move to number two in January is promising.
It is interesting to note the progression of the Golden Nugget over the years. Back in 2008, the casino was in bad shape, under the operation of Trump Entertainment Resorts. The company has come a long way in the past few years, easily becoming a dominating force in the industry.
Owned now by Tilman Fertitta, a billionaire from Texas and the owner of the Houston Rockets NBA team, the casino has been under his direction since 2011. With the acquisition, Fertitta paid $38 million for the facility. He then invested $150 million to make the venue competitive in the region. The casino was redone within the interior as well as the exterior, creating a more comfortable and enticing environment.
During the first year of operation, the casino was able to earn just over $130 million. This was the first time the venue experienced double digit growth in many years. Fast forward to January, the Golden Nugget earned $26.7 million in gambling revenues. This is not too far behind the $55.8 million earned by the first place Borgata.
It is unclear as to if the Golden Nugget will be able to catch the Borgata when it comes to overall gambling earnings. The brand is far superior when it comes to online gambling, but lag behind when considering land-based earnings. In the fall and winter, casino visitors are lower than they are in other months, so unless the Golden Nugget can come up with a way to bring in traffic, they may continue to be in second place when compared to the Borgata.
The Golden Nugget is also the smallest casino in Atlantic City, offering only 720 guest rooms. They do not have the capacity as other venues do, such as the Borgata, which can hurt the bottom line.
Overall, the Golden Nugget is doing quite well for themselves, but if they have the ability to move into the number one overall spot is yet to be seen. Hopefully, the casino will continue to see success and we will see an even larger rivalry emerge between the casino and the Borgata as they battle it out for the top spot.