Since voters shot down the expansion of casino gaming in the northern region of New Jersey, investors can now feel safer investing in to the gambling town.
Atlantic City will remain the only gambling area in the state of New Jersey after voters decided to reject a referendum on the November 8th ballot to expand gambling into the northern region of the state. Many felt the expansion would be too much and Atlantic City would suffer even more losses if two casinos were added up north. Now that the plans are not going to take shape, investors may feel safer investing in Atlantic City.
Are Investors Taking a Second Look?
Reportedly, investors are now taking a second look at Atlantic City after voters decided to check No on their ballots on Question 1. Investors may have been worried that casinos added to the northern region of the state would have hurt investments in Atlantic City. No one wants to invest when there could be a potential loss.
Apparently voters were not happy about gambling moving to North Jersey, with 79% of those who voted choosing no. Because of this overwhelming vote, it seems that developers and casino companies are not looking at Atlantic City as a safer bet. There is no threat of casino gaming in another region of the state taking away from the city’s tourism as well as local gamers.
Atlantic City Development Corp. Head Chris Paladino stated that it is a pretty fair assumption to consider that North Jersey casino ballot question probably had a chilling effect on investors and they waited. The Atlantic City Development Corp. is currently working on building two structures in Atlantic City, the headquarters for South Jersey Gas and the campus for Stockton University. According to Paladino, poll results has also solved another issue with the state deciding to take over the city.
Investments will begin again
Any developer or company considering investing in Atlantic City will most likely begin to move forward now that the voting time frame has passed and the referendum failed. The market is one for the investors right now and we should see groups beginning to invest in Atlantic City once again, though it may be a trickle instead of a massive movement.
There are properties for sale in the city and much less competition now that the gaming city has five fewer casinos in operation. In 2014, four casinos shut down leaving only eight in operation and just this past October, the Trump Taj Mahal closed down, leaving only seven gaming venues in Atlantic City. The area is ripe for a gaming boom once again, it just depends on who will be willing to invest.
One must also consider that New Jersey offers online gambling now that has proven to be quite successful. Any operator who decides to invest in a casino in Atlantic City would have the option to offer online gaming as well. Operators have to have a land based venue to be able to provide online gaming. Licensing must be obtained and casino owners have the option to work with other entities to offer such gaming.
It could be that we see investors coming forward to offer casino gaming in the hopes of entering the online gambling industry as well. The options are endless as Atlantic City has many opportunities for investment in the gaming sector. It will be interesting to watch over the coming weeks and months to see if anyone comes forward showing interest in Atlantic City and if the gambling town will be booming once again.