As gamblers are well aware off, Las Vegas is the capital of gambling. Millions of people from all over the world fly year-in and year-out to experience the thrill of standing at the table of one of the biggest casinos in the world and rolling the dice for a chance of winning one of those kinds of prizes that would immediately and unequivocally change your life.
Well, for the people that can’t quite reach Las Vegas yes, Atlantic City is probably the 2nd biggest destination in the world for avid gamblers and complete beginners that just want to learn the ropes. You know, play a little in the little leagues before you get called to the big stage, The Ceasars Palace or MGM in Vegas.
The Borgata is one of the oldest and most famous casinos in all of Atlantic City, boasting an impressive 16-year history as a landmark for what already is an impressive gambling town.
The Borgata just had its best month in the long and famed history of the casino, thus fortifying its place in the history of the town.
With a renovation project that cost its owners no less than $14 million and added over 300 guest VIP suits to the already impressive venue, The Boardwalk casino from Atlantic City fortified its dominant perch. Operated by MGM Resorts, the jewel of the Atlantic City, being the lone Garden state that is integrated within the resort won $99 million in July across its online, sports wagering and land-based gaming operations.
win particularly made the casino rose to the rankings and be amongst the top 9 best Atlantic Casinos. The New Jersey Division of Gaming Enforcement, or DGE shortened, has not yet published data for August.
The lobby bar project is expected to be completed this month, according to a corporate statement. The $14 million refurbishments will include a VIP section full with a supporting bar, lobby, and amenities. The check-in area will also include the option to register for staying in a luxury suite.
The news about the Borgata’s plans of $14 million renovation plans come after the MGM already committed $12 million for the Moneyline Bar & Book, a sportsbook bar and watering hole, not to mention the Level One Cocktail Bar & Lounge.
Considering that several boardwalk casinos and gambling sites have been renovating or even inaugurating new sportsbooks, as sports betting has really taken off in New Jersey in the last years, since the regulation of gambling by federal law, The Borgata had no choice but to adapt and continue to improvise in order to get the very best results.
MGM’s move to financially support the Borgata is as natural as it can be, considering that other regional assets like MGM Springfield are struggling mightily. This year, MGM executives noted that while some properties, namely the one in Massachusetts, is behind expectations by quite a lot. To contra attack, other components in the company’s regional portfolio are doing quite well.
As one could expect, Borgata is definitely one of the stronger names that the MGM has on its portfolio and roster. In July, the casinos were grossing no less than $88 million in gaming revenue or GGR, which was more than double the figure that is posted by Hard Rock, its closest and most fierce competitor. In July, Borgata reached a historical market share percentage, 27.2, a feat that was never accomplished by any casino in Atlantic City or Las Vegas.
On a year-to-date basis as of the end of July, Borgata has posted GGR of $455 million, more than double the amount of its nearest rival. The 312 suite renovations are expected to be completed by early 2020. Executives did not break out how much of the $14 million will go to sprucing up the rooms and how much is directed at the lobby bar.
In a competitive market such as Atlantic City, which has some properties that are barely more than a year old, capital investments are meaningful when it comes to luring guests and gamblers. Operators that do not keep up with enhancements risk losing business.
For example, Caesars’ Bally’s Atlantic City has fallen behind Boardwalk opponents because, by the company’s own admission, it has not adequately maintained the venue.