Atlantic City’s casino industry is beginning to draw in the eyes of major investors. Not long ago, news broke that the Ilitch family had planned to purchase a stake in one of the city’s most popular casinos. News broke today that the Ilitch Organization’s Ocean Casino purchase has now finally been completed.
Things have turned around for this property in a major way. It wasn’t long ago that it was one of the worst-performing casinos in the city. Now is a great time to talk about some of the recent news regarding this venue.
Let’s get into it!
Sources Confirm the Ilitch Organization’s Ocean Casino Purchase is Complete
2021 continues to be the best year in history for the US casino industry. Tourism to major gaming hubs such as Atlantic City has been steady throughout the year. Many of the country’s biggest gambling companies have been reporting consistent rises in their revenue figures.
These revenue gains have been attracting serious investors lately. That includes the Detriot-based Ilitch Organization. This company revealed it planned to purchase a stake in the Ocean Casino Atlantic City earlier this year and the process to do so has been ongoing.
This week, news broke that the Ilitch Organization’s Ocean Casino purchase has been complete. The New Jersey Casino Control Commission formally gave its approval for the Ilitch Organization to acquire 50% of the property for $175 million. Luxor Capital Group, the other owners of this property, released a statement to the media today expressing excitement about this news.
“We are excited to welcome the Ilitch organization to Atlantic City,” Luxor officials said. “Their investment gives Ocean access to growth capital, and provides a strategic partner to Luxor. Over the last year, Ocean’s team has progressed under new leadership that features top executives in the gaming and hospitality industries. Since that time, Ocean has strengthened its position in the market and continues to gain market share. We look forward to moving the business forward with Ilitich’s partnership.”
Many of the casinos in Atlantic City are now anticipating another phenomenal year in 2022. Here’s a look at how things may change in this East Coast gaming hub over the next 13 months.
Forecasting Atlantic City’s Performance in 2022
Major gambling hubs like Atlantic City and Las Vegas were devastated by the events that unfolded last year. Some predicted the country’s land-based casino industry would take years to recover. Incredibly, things have turned around in a major way throughout 2021 and analysts are now looking ahead at what to expect next year.
There is reason to believe that things will continue to improve. The pandemic appears to be slowing down once again and that could lead to renewed interest in travel. Many on the East Coast will likely make the trip to Atlantic City for its gambling and entertainment options.
Many of the properties here have recently announced major renovation projects. It seems these are being done in an attempt to bring in more visitors. The Ilitch Organization’s Ocean Casino purchase may help to fund the renovation project being planned inside this venue.
Atlantic City’s sports betting industry will continue to thrive as well. It may face more competition from New York, which plans to launch its own online sportsbooks in the near future. That could lead to lower revenue figures for New Jersey-based sports betting companies.
The future looks bright for Atlantic City next year. Assuming another variant does not bring the country to a standstill, the casinos here should see some impressive revenue figures.
More East Coast Gaming Hubs Look at Expansion
New Jersey is not the only state in the Eastern United States with an impressive casino industry. In recent years, many of the states in this area have looked to expand their own casino and sports betting industries. There is simply too much money on the table for various state leaders to ignore.
Pennsylvania has quickly developed one of the biggest gambling markets in the country. A huge number of tribal and commercial casinos currently operate here. This state is also home to a large and very successful sports betting industry.
Maryland is doing what it can to compete with other gambling hubs in the region. A few casino-resorts are currently operating here. Online sports betting launched here recently and officials are now working hard to get the state’s first land-based sportsbooks up and running.
The aforementioned New York is looking more closely at gambling expansion plans, too. State leaders have begun to realize how much revenue is flowing into Pennsylvania and New Jersey. A push for a Class III casinos in New York City continues and online sportsbooks could launch here in 2022.
What do you think of the Ilitch Organization’s Ocean Casino purchase? How do you think Atlantic City will fare next year? Let us know in the comments section below!