A leader in the casino business in Atlantic City is “fairly optimistic” about 2023

A leader in the casino business in Atlantic City is “fairly optimistic” about 2023

It seems like every year in Atlantic City is very important, but 2023 looks like it will be especially important for the nine casino resorts there.

It’s the first day of work for many people, and while this is the time of year when many industries make big plans for the next 12 months, the Atlantic City casino industry isn’t getting too excited.

Mark Giannantonio is the head of the Atlantic City Resorts Casino Hotel. He is also the head of the Casino Association of New Jersey (CANJ), which speaks up for the nine resorts in Trenton, New Jersey, in front of state lawmakers.

Giannantonio told the Associated Press over the New Year’s weekend that he is excited for 2023 but knows that it will be hard.

In 2022, we had a bad economy and very high inflation, but things are starting to get better, Giannantonio said.

Giannantonio said that he is “fairly optimistic” about the nine-casino town in 2023. He said that local efforts to make the beach town safer and cleaner will increase its marketability and appeal.

“That will make me feel more sure of myself. “Our customers will notice a difference, and we hope that will make them come back more often,” Giannantonio said.

Investments in Atlantic City Casinos

Atlantic City brick-and-mortar gaming earned $2.57 billion in the first 11 months of 2022. (December numbers have not yet been revealed). Even while that’s more than the $2.47 billion the same casinos won in the first 11 months of 2019, before the pandemic, they maintain their margins weren’t even close to three years ago. Inflation considerably raised their expenses.

Brick-and-mortar casinos will invest more this year despite inflation and the epidemic.

Live entertainment will cost Hard Rock $30 million in 2023. Resorts is upgrading its hotel rooms and casino floors for $10 million, while Golden Nugget is renovating its guest rooms and infrastructure.

Borgata is Atlantic City’s top casino. A major restoration will mark the property’s 20th anniversary in coming weeks. MGM Resorts opened the Borgata before July 4, 2003.

Ocean Casino Resort will add seven hotel levels for $15 million this year. The resort is adding a helipad.

2023 Nongaming Developments

In 2023, Atlantic City is also likely to see some big changes that have nothing to do with gambling.

At the northern end of the Boardwalk, next to the old casino, the Showboat Hotel is building a $100 million indoor/outdoor water park on what used to be an outdoor beach volleyball court. The 100,000-square-foot amusement park will be called the Island Waterpark at Showboat. It will have high-tech waterslides, lazy rivers, pools, and surf machines. The Island Waterpark will be open all year thanks to a retractable glass-plane roof that will cover the whole complex.

The Showboat recently got permission from the city and state to turn another 400 casino rooms into 264 apartments.

On the other end of the Boardwalk, a company called Colosseo Development Group, which is based in New York, is moving forward with plans to turn the old Atlantic Club into high-end condos.

Moving inland, officials in New Jersey and Atlantic City are looking at two plans that would cost billions of dollars and turn the old Bader Field airport into a mixed-use residential complex.