Atlantic City is slowly but surely recovering. Casino companies here are now working hard to bring in more players from around the country. According to new reports, the Ilitch family has agreed to purchase half of the Ocean Casino Atlantic City.
This venue has been operating in Atlantic City for less than a decade. Its owners are hoping for a successful summer this year. Today, we’ll discuss what exactly is happening with this property.
Let’s get into it!
New Jersey’s Casino Industry is Beginning to Bounce Back
New Jersey has been home to a successful casino industry for decades. Back in 2008, however, this industry took a massive blow. The economic crisis hit Atlantic City hard and several popular gaming venues were forced to close their doors here.
In recent years, this city has been experiencing a revival. The legalization of sports betting here in 2018 seemed to bring new life to the city. Tourism numbers continued to increase for years and gaming revenue was on a steady incline.
In March of 2020, Governor Murphy ordered all of the casinos in New Jersey to close their doors. These gambling venues remained closed for months. It wasn’t until summer that the casino industry in New Jersey began to open back up again.
Casino revenue in the state has remained low. Fortunately, New Jersey has a regulated online casino industry set in place. Even with this additional money, however, the casinos in the state have been hurting badly.
Some analysts now believe that this summer will prove to be an extremely successful one for Atlantic City. As more vaccines are administered, travel is ramping up around the county. Many are making the trip to major gambling hubs such as Atlantic City for some relaxation.
That is great news for the companies operating gaming venues here. We’re now hearing more about a major organization making the move into this city.
Here’s What is Going on With the Ocean Casino Atlantic City
Atlantic City is home to many of the biggest and best casino-resorts on the East Coast. Some of these properties have been around for decades. Others are fairly new. All of these properties are hoping for a successful summer.
The Ocean Casino Atlantic City opened its doors to the public in 2018. Before that date, this venue was called the Revel Casino Hotel Atlantic City. The thought was that a major rebranding would help to bring more players to this venue.
That hasn’t necessarily been the case. Ocean Casino Resort has been one of the worst-performing properties in the city. Some major changes were made in 2019 that seemed to be helping to improve things.
This week, news broke that the Ilitch family had agreed to purchase half of the ownership of this venue. The Luxor Capital Group, which currently owns this venue, has agreed to sell the half this year. The company released a statement expressing excitement about this deal to the media this week.
“We are extremely excited about the proposed investment by the Ilitch organization, which, if approved, will give Ocean access to growth capital and provide a strategic partner to Luxor,” the statement said. “We look forward to continuing to grow Ocean in partnership with the Ilitch organization for years to come.”
The Ilitch family owns several major sports teams, a pizza chain, and a major casino in Detroit. The organization now sees potential in the recovering New Jersey casino industry. We’ll be sure to offer more details on this sale over the next few weeks!
Las Vegas Casinos are Seeing a Boom in Visitors
Atlantic City is far from the only major casino hub to face difficulties since 2020. The entire land-based casino industry shut down at that time. No city has been as economically challenged as the city of Las Vegas.
Las Vegas is known for being home to some of the most expensive casino-resorts on the planet. That includes properties like The Bellagio, The Cosmopolitan, and The Wynn Las Vegas. All of these venues have seen massive revenue declines since March of 2020.
Fortunately, there has been a major surge in tourism in this city. Reports are indicating that an older demographic is now making the journey into Las Vegas. Things are improving and this summer should be a successful one for the gaming industry here.
As many are aware, some exciting new venues are coming to this city that should help to boost tourism, too. That includes the newly-opened Virgin Hotel-Casino. This property opened recently and has been a hit with both locals and tourists.
Resorts World Las Vegas is finally opening its doors to the public this summer. It cost $4.2 billion to construct, making it the most expensive gaming venue ever built in the city. This property is expected to be one-of-a-kind. We’ll be sure to offer updates on this property once its opening date draws closer!
Are you surprised to hear the Ilitch family purchased a stake in the Ocean Casino Atlantic City? Let us know in the comments section below!