Posts Tagged ‘atlantic city casinos’

Latest Wynn Possibilities in Atlantic City

Tuesday, September 10th, 2013

Last month, Wynn Resorts entered the New Jersey online gambling market with surprising interest in either buying a casino in Atlantic City or partnering with an online casino brand to launch a site in New Jersey. Surprising indeed because Steve Wynn himself recently stated that New Jersey was the “enemy” in relation to the brick ‘n mortar gambling industry.

Exploring the idea of Wynn Resorts perhaps taking over the beleaguered Atlantic Club Casino and Resort in Atlantic City, I personally have less faith that Steve Wynn meant what he said. Perhaps he did for a bit – but for the brief time between his statement and the realization that properties are actually still available in New Jersey.

What if Wynn Resorts did indeed buy the Atlantic Club in Atlantic City in order to gain a foothold in New Jersey’s highly anticipated internet gaming market? After all, Wynn knows the property right? Steve Wynn actually built the Atlantic City Boardwalk’s southernmost casino property back in 1980. At the time, the property opened as the Golden Nugget. Seven years later he sold it. Since then, the casino has seen its share of name and branding changes.

As previously reported, a Wynn subsidiary discretely applied for one of New Jersey’s online gambling licenses. The Press of Atlantic City found out, however, both the Division of Gaming Enforcement and Wynn officials have remained mum on the subject. For enforcement officials, this is obviously a confidential matter. But for Wynn Resorts, mum is the word apparently, as they perhaps back-peddle on Steve Wynn’s previous comments regarding New Jersey.

A requirement in New Jersey is that online gaming providers must partner with an operating Atlantic City resort. Though all but 2 casinos in Atlantic City have entered into such partnerships, the Atlantic Club has remained on the market.

New Jersey is set to take off this coming Thanksgiving and analysts believe it will be far more profitable than Nevada’s online poker market. New Jersey has more than 9 million residents and is adjacent to New York City, Philadelphia and other heavily populated and gambling-friendly areas.

Reuters has firmly stated that Nevada’s online casino market will generate $50 million to $250 million in annual revenue while New Jersey is predicted to generate $500 million to $1 billion yearly.

Does Steve Wynn still have an affinity for the Atlantic Club despite his remarks about online gambling and New Jersey? It has been reported around Atlantic City that Wynn has regularly visited the property in the past months.

In other Atlantic City standings, PokerStars has moved on to become the online gaming partner for Resorts Atlantic City. We recently covered an article about Gibraltar-based 888 Holdings and its Caesars Entertainment Corp.’s partnership in New Jersey. Gamesys Limited of Britain has signed on with the Tropicana Atlantic City. Trump Plaza has apparently shacked-up with Betfair, and Borgata has partnered with Bwin.party of Gibraltar.

We also covered the news surrounding PaddyPower and its would-be interest in the Atlantic Club. Paddy Power passed licensure vetting in Nevada last year and has since announced interest in New Jersey. Perhaps the Atlantic Club is being wooed by both Wynn and Paddy Power?

Lastly, Landry’s Inc., the owner of the Golden Nugget Atlantic City, might be eyeing a sell-out. The property, despite an expensive renovation, has not seen the revenue it needs to succeed. Also a Wynn possibility, no? The company has not made a definitive decision and may consider selling internet gaming rights on the property also. So many options, you might have better odds playing online keno.

Atlantic City Casino Operators Apparently in Talks With Online Gaming Software Devlopers

Monday, August 9th, 2010

Atlantic City must be hurting. I mean – come on – there’s no denying all of Atlantic City has been hurting for a long time now. Err, I suppose ever since the day casinos first opened on the boardwalk.

But really, Atlantic City had it’s heyday, and the idea now is to get back to that place before Playboy Casino was shut down and Donald Trump got the idea that he could rule AC with just a hotel and a bad hair piece (it never gets old!). Considering how the casinos have been faring, you can’t really blame him, can you?

Anyhow, now that there is a glimmer of hope for online gambling regulation in the States, land-based casino operators in Atlantic City (not to mention Las Vegas) are looking into the prospects of running a counterpart online casino. Business is not great, and quite frankly, the World Wide Web is stealing billions of dollars from brick ‘n mortar casinos.

You would have thought online casino gambling was legalized several years back, would you not? Oh but wait – the technology itself came about during the Bush administration, and instead of giving it a proper study, Republican conservatives and the religious right had their say in getting online gambling (well, at least some forms) banned.

Never mind the fact that England has been successfully regulating and taxing internet betting for over five years – without rises in problem and underage gambling mind you. But don’t get me started. Believe me, I can go on about this not only until the fat lady sings but also when the cows come home.

Anyhow, back to Atlantic City.

The President of the New Jersey Casino Association, Mark Juliano, has alluded that New Jersey casino operators are indeed working with software providers in preparation of legalized online gambling. Okay, scratch that. Juliano didn’t allude (as reported elsewhere), he outright said it. He even said the Association thinks it is “inevitable” that legislation will pass “at some point”.

And not that this is a big surprise, really. Harrah’s was adamantly opposed to regulating online gambling when the idea first presented itself. It took several years of losing revenue and a budding realization that regulation really does work for Harrah’s to turn on a dime and direct their efforts toward getting online gambling legalized.

So yes, when online gambling is finally legalized in the U.S. a virtual Atlantic City is likely to show up very soon thereafter. Whether or not the online gaming package will be any good (AC casino operators are years behind the game), is anybody’s guess.

Atlantic City Casinos Continue Dropping Revenue; Donald Trump’s Toupee Lives On

Monday, June 14th, 2010

While it’s always a good idea to keep up with the going-on’s in the world of online casino gambling, it’s only right that those of us participating in online gambling activities stay abreast with what is happening in the bricks ‘n mortar world. After all, we are competition, aren’t we? Okay, maybe that’s a debate for another blog post, but nonetheless – contrary to what you’ve heard – what happens in Vegas, really shouldn’t always stay in Vegas.

In the U.S., it’s pretty much common knowledge that Las Vegas has been steadily declining in revenue since the “economic meltdown”. As for Atlantic City, well, let’s just say it’s a little more difficult to pinpoint exactly when the east coast casino gambling hotspot started going downhill. I suppose the better question is, “When did Atlantic City actually ever make any money?”. Or even better, perhaps the question should be fielded by that guy with the crazy toupee – what’s him name, Trump?

Anyhow, yes, Atlantic City casinos have not and are not doing well. The latest stats show that the month of May, 2010 was down 9% from the same timeframe a year prior. More specifically, Atlantic City’s eleven casinos hardly broke even, drawing in a combined $319.7 million in gambling revenue – $225.6 million of which was generated by slot machines and $94 million from casino table games. Slots revenue slipped by 8.5% and table games fell by over 10% in revenue.

If you are wondering whether any of Atlantic City’s casino’s have fared better than the rest of the lot, the answer is no. Statistics for May show that all eleven of AC’s casinos experienced revenue drops.

The only good news (from the perspective of OCS, at least) is that – for once – Atlantic City and brick ‘n mortar gaming interests cannot put the blame on online casinos for stealing revenue. While the lagging economy certainly has something to do with it, the majority of Atlantic City’s woes can be traced back to the expansion of brick ‘n mortar casino gambling in nearby Pennsylvania and would-be Atlantic City gamblers now commuting to Pennsylvania. Heck, I definitely can’t blame ’em – Many of AC’s aging casinos can’t hold a candle to Pennsylvania’s Foxwoods Casino and Mohegan Sun Resort. Donald trumps toupee, on the other hand, well let’s just chalk that up to another reason why Atlantic City is hurting.

New Jersery Senator Proposes Legislation to Regulate Online Casino Gambling

Saturday, January 16th, 2010

newjersey-gambling

The State of New Jersey could be the next U.S. State – oh, wait – the first U.S. State to get some serious regulations passed to liberalize the online gambling industry. The news comes shortly after New Jersey passed a law to legalize the medical use of Marijuana, followed by each of the State Senators taking a puff off a joint to make sure it was indeed safe for medical use.

While I truly wish it went down like that, my sarcasm comes from the fact that I personally don’t believe online gambling regulation stands a chance in New Jersey. Let’s face it –  this is coming from a State that recently shot down a provision to legalize gay marriage and is home to the second largest land-based casino Mecca in the United States. Of course, the latter could go in favor of New Jersey if there was full support from the brick ‘n mortar casino operators, who are no doubt financially struggling in these pressing times. However, there is no word on their feelings just yet.

The proposed bill, which is being spearheaded by Senator Raymond Lesniak doesn’t just call for the regulation of internet poker, it also seeks to liberalize online casino gambling as well. And Lesniak thinks he can muster support from the land-based industry by mandating that online casino companies are located in Atlantic County, thereby making it as simple as launching an online casino website for Atlantic City’s land-based casino operators. The other provision in the bill that would help streamline the regulatory process is that all of the current casino game rules and age requirements in Atlantic City would be used a template for the online sector.

In essence, Lesniak’s bill would simply set forth regulatory/taxation provisions to govern the online gambling industry if and when the industry becomes regulated on a Federal level. Following in the steps of California (which is only attempting to legalize online poker), Lesniak and his fellow New Jersey supporters are preparing the bill ahead of time, so as to give New Jersey casino gaming operators the ” first pick of customers from the State” if Congressman Barney Frank’s bill to overturn the Unlawful Internet Gambling Enforcement Act is passed.

And that’s another matter altogether. While the U.S. economy could certainly stand to benefit from a surge in tax revenue, many of the same Senator’s who voted for the UIGEA (unknowingly or not) still hold their seats. Furthermore, the Obama administration, and Democrats as a whole, may be reluctant to act in a liberal manner toward something so contested as gambling, considering their current battle to pass health care legislation and the continual lambasting by Republicans for trying to liberalize, or should I say, reform the health care system as a whole.