Wall Street analysts agree with Allen and are aware that the opening of the New York casinos will have a serious impact on Atlantic City’s gaming industry. Allen is sure that these casinos will remain open but also is concerned about others. Atlantic City receives 20, 30-plus percent of its revenue from upstate New Jersey and downstate New York, and there’s no doubt it is going to have an impact on this particular market.”Īmong the New Jersey casinos, Hard Rock Casino, Borgata, and Ocean Casino Resort are the casinos with the highest revenue from in-person gamblers. His company is one of the bidders for the new casino license, though. Jim Allen, the chairman of the Hard Rock casino, entertainment, and hospitality company, thinks that at least one of the casinos would be closed because of the New York casinos. It can even lead to casino closures, as the panelists think. Panelists at the casino industry conference expressed their concerns and stated that the new casinos could negatively affect the Atlantic City casinos, causing 20% to 30% lesser revenue. Three new casinos in New York, which are planned to be built, could cause significant problems for Atlantic City casinos.
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