After nearly six years of ownership, the developer behind plans to revitalize the former Atlantic Club Casino Hotel in Atlantic City has divided the site and listed both parcels for sale. The oceanfront property at 3400 Pacific Ave. has remained vacant since the 800-room casino closed in 2014. Colosseo Development, led by Sebastiani, bought the… Read more »
The New Jersey Division of Gaming Enforcement (DGE) released its quarterly and year-end results on April 7, showing a dip in Atlantic City casino profits for 2024. Casino operators reported $3.3 billion in net revenue—a 0.5% decrease from 2023—and a gross operating profit of $709.1 million, down 9.2% year-over-year. “Despite another record-high gross gaming revenue… Read more »
The Water Club hotel, part of the Borgata casino complex in Atlantic City, New Jersey, is undergoing a $55 million redesign and will be rebranded as MGM Tower, joining a number of hospitality properties in the gaming mecca undergoing facelifts. The Borgata Hotel Casino & Spa on Tuesday unveiled its plans for the Water Club as the complex approaches… Read more »
The New Jersey Division of Gaming Enforcement announced the December 2022 gaming results Jan. 17, which saw the state’s casinos end the year on a high note. Last month, casino win for the nine Atlantic City casino properties was $215.6 million, an 18% increase versus December 2021 ($211.8 million). “Even up against strong seasonal and… Read more »
The state of New Jersey hasn’t named a replacement yet for the executive director of the Casino Reinvestment Development Authority, who is leaving that agency in Atlantic City effective Jan. 28. Matthew Doherty, a former mayor of Belmar, New Jersey, and previously a financial adviser, took over as executive director of the CRDA in 2018…. Read more »
An entrepreneurial Detroit family that owns the Little Caesars pizza chain as well as a casino in the Motor City plans to acquire up to 50% ownership in the Ocean Casino Resort in Atlantic City, the seaside New Jersey gambling mecca that’s the nation’s second biggest gaming market. Luxor Capital Group, a New York City… Read more »
