Atlantic City’s casinos are currently preparing for a major surge of visitors. Many of them are now looking at ways to take advantage of this new tourism boom. Today, we’ll discuss the news of the Ocean Casino renovation!
The Ocean Casino-Resort is one of the most popular gambling venues in Atlantic City. A lot has been going on with this property lately.
Here’s what you need to know!
Atlantic City’s Gaming Industry is Poised for a Major Comeback
Atlantic City’s casino industry was essentially shut down back in March of 2020. This proved to be a devastating decision for the city’s economy. The closure of all casinos here resulted in thousands of job losses and huge revenue declines.
The casino companies here have been eagerly waiting for things to bounce back. Fortunately, online gambling platforms here have helped to make up for some of the land-based losses. Overall, gaming revenue in Atlantic City dropped by 80% over the course of 2020.
This was never going to last forever. City officials have been working hard to boost tourism rates in the city over the past six months. Things have been slowly improving throughout 2021 and analysts expect this summer to be very successful for the casinos here.
There are some good indicators that this is already taking place. Over in Las Vegas, for example, tourism rates have been steadily increasing over the past few months. Casino companies here have been seeing big increases in their gaming revenue and hotel occupancy levels.
Several other small casino destinations have been seeing their gaming revenue figures increase, too. It’s an exciting time for the industry. The country’s biggest gambling hubs are expected to see pre-pandemic levels of tourism as the months go on.
We’re seeing many casino renovations take place around the country. One has just been announced to take place at one of Atlantic City’s most popular gambling venues!
A $15 Million Ocean Casino Renovation Has Been Confirmed
Atlantic City is home to some of the most popular gambling venues on the East Coast. For more than a year, the casinos in this New Jersey casino hub have been struggling. As we just mentioned, it appears that things are set to improve here in a big way.
The Ocean Casino-Resort in Atlantic City has been making some big changes lately. This venue recently began increasing its operating hours and deals. The Ilitch family sees potential with this casino and recently purchased a major stake in it.
Today, news broke that this casino-resort will soon go under a major renovation. The owners have pledged to invest $15 into renovations of this property. It’s a huge move and one that should help to attract more visitors.
The Ocean Casino renovation will help to upgrade the casino floor and outdoor amenities including the swimming pool, cabanas, and beach area. A brand-new high-limit gaming area will be added, as well as several new guest lounges. Terry Glebocki, Ocean Resort’s CEO, spoke about the plans to the media this week.
“As restrictions are lifted and we begin reopening additional areas of our business, I am thrilled at the opportunity to present our guests with an evolving gaming experience that’s unique to the market,” he said.
2021 is shaping up to be a massive year for this property. Ocean Casino was the only gambling venue in Atlantic City to increase its gross operating profits last year. It seems likely that it will set new records this year. Stay tuned for more updates on this venue over the next few months!
NJ’s Sports Betting Handle Increased Again in March
New Jersey’s casinos have been struggling for more than a year. That doesn’t mean the entire gambling industry here is hurting, though. This state has quickly developed the largest sports betting market in the country.
Here, both land-based and online sports betting is legal and regulated. As a result, many sports fans in New York cross into the NJ border to make bets on their favorite teams. This has helped to boost revenue as the months go on.
This past February, New Jersey’s sports betting handle dropped for the first time in months. It was a surprise for many when considering the Super Bowl took place that month. Most felt that a handle increase would be seen in March.
That prediction turned out to be correct. Reports have confirmed that New Jersey saw $859.6 million in sports betting handle last month. The New Jersey Division of Gaming Enforcement reported $60.8 million in taxable sports betting revenue.
Many are waiting for the handle here to surpass $1 billion. It’s come close on several occasions. As tourism increases, the odds of this taking place go up. It seems likely that this summer will be hugely successful for the sports gambling industry here.
Are you excited to hear about the Ocean Casino renovation? Do you plan on visiting this property this year? Let us know in the comments section below!