Atlantic city legalized casino gambling in12/23/2023 ![]() ![]() While Fitch does not believe any other casinos are currently at risk of closing, things do not look good for the future. Online gambling, which was legalized in New Jersey last year, has been a modest help with about $10 million in monthly revenue. The report estimates Atlantic City’s casinos will win about $2.5 billion in 2015. “We also expect the marina casinos (Borgata, Golden Nugget and Harrah’s) may benefit more than the others, as their resort facilities could become more attractive considering the dwindling activities on the boardwalk, and they will be the freshest properties in Atlantic City, having undergone major renovations in the past 10 years.” “We estimate that $280 million will be recaptured with more than half going to Caesars’ properties,” the report says, noting Caesars Entertainment has three other Atlantic City casinos in addition to Showboat. ![]() Those facilities made about $457 million from gaming during the 12 months that ended in July, while all the casinos earned about $2.7 billion during the same period. About 50 percent of Revel’s business, 60 percent of Trump Plaza’s and 75 percent of Showboat’s will be retained by other casinos, Fitch said. Fitch analysts see a silver lining to the closures: Much of the revenue generated by the casinos that are closing, will be shifted to the resorts that are still open.
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