Two new casinos are up and running in Atlantic City, but how will they fare when the market is already crowded?
Atlantic City has been experiencing a revitalization over the past few years. Back in 2014, the city had 12 casinos in operation when four shut down. This left eight in the market, with all suffering from less than stellar earnings. By 2016, another casino shut down, leaving only seven in operation. However, with deals in the making, it would not be long before the area would begin to see a turn around. Online gaming helped the casinos to stay afloat and now two new gaming venues have opened. However, with the turn around and two new venues in the mix, is now the time when the Atlantic City gaming market will begin to become too crowded?
Online Gaming Now
Once the Hard Rock Casino Atlantic City opened on June 28th, the venue wasted no time in getting started with online gaming. By July 3rd, the casino was fully offering an online casino site, with the help of the Gaming Innovation Group. The online casino has been well-received by online gamers and over the next few months, we should be able to see the impact that the brand has on the online gaming industry.
The Ocean Resort Casino was the second new venue to open in June, but they have yet to begin in the online gaming sector. The online option by the brand will be powered by GAN, a company that already operates in the state via the Betfair brand.
Room for New Online Gaming Sites?
With the launch of Hard Rock’s online casino and the soon-to-be Ocean Resort offering, the market now has five online operators with 17 unique brands. There is a total of 23 individual online casino and poker rooms operating in the state.
This is a lot of online gaming choices. Since 2013, New Jersey has been the top operating state when it comes to online casino and poker gaming. The monthly revenues have continued to surpass the $20 million mark and show no signs of slowing down. Operators are hitting huge numbers when it comes to online gaming and it seems that there is still room for the two new offerings. However, when will enough be enough?
Competition is fierce, yet there is still money to be made. The Golden Nugget is the top operator in the state, having generated as much as $8 million+ with their monthly earnings. The Golden Nugget has the market share and is followed next by Betfair, though they are nowhere near close to the $8 million earnings the Golden Nugget is earning.
The remaining operators by way of market share are the Borgata, Tropicana, Caesars and Resorts. The Hard Rock and eventually Ocean Resorts are hoping to make their way into the market share, but the going will be tough. Both will have to offer players something different in order to push players from sticking with their traditional sites to give their options a try.
The Hard Rock may have a leg up on Ocean Resorts when it comes to the online gaming industry as the brand is well-known across the United States. Players might be drawn to the name or the theme that the Hard Rock will provide. However, Ocean Resorts may be appealing to those who are looking for something new as they are a new brand.
Over the next few months, we shall see how much money the new Hard Rock online casino contributes to the overall earnings and how the brand fits in with the new industry, if they are able to obtain a solid market share over time.