Since the state of New Jersey legalized online gambling, it’s mostly been sunshine and roses. That was once again the case in September as the state reported strong revenues. That’s where we’ll start our weekly look at the casino news.
New Jersey Revenues Surpass $20 Million Again
Since the state of New Jersey has legalized online gambling, they’ve had quite a run. They’ve reported their numbers for September and for a seventh consecutive month, the revenues have topped $20 million.
All told, online casinos that operate out of New Jersey have brought in about $184 million in revenue. The state is aiming to get to $250 million, which would be a boost over the $196.7 million that was brought in last year. Compare that with the $235.8 million that land-based casinos brought in last year and New Jersey’s casino economy looks like it is back on the upswing.
Atlantic Club Casino Close To Sale
In Atlantic City, a former landmark could be making a comeback. The former Atlantic Club Casino Hotel was the first casino to close in January 2014 but the property, which is owned by TJM Properties of Florida, appears to be close to being sold. Ownership has stated that they are close to a deal with an unknown buyer. They’re waiting to finalize the details. At least two developers have contacted TJM Properties to ask about the property and in April, one company said they wanted to turn the property into an indoor water park but they couldn’t come through with the money. Now TJM is in control after buying the property from Caesars Entertainment in May 2014 for $13.5 million and should be flipping it shortly. It is unclear whether the next owner will in fact put up a casino or has other plans for it.
Maryland Live Completing Hotel
Maryland Live! is on the cusp of completing its $200-million hotel and conference center. This would likely drive a lot more traffic to its casino and gaming floor. The hotel will have 310 rooms along with gym facilities, a spa and a concert space, among other amenities. The Cordish Companies, who own the facility, will have a ceremony next week as they put on the final steel beam to signify that they’re open for business, and the place will be rebranded as Live! Casino and Hotel. It will also be the tallest building in Anne Arundel County. The property will also have around 1,000 parking spaces, and as for the casino itself, there will be a 15,000-square-foot poker room that will have 52 tables. The Card Player Poker Tour will be stopping by Live!, which is trying to compete with the MGM National Harbor, which opened last year and is dominating the casino business in the state.
On Monday, legislation was put forward to give Maryland Live! a $36-million property tax break. Although the actual tax break could end up being much lower, the idea is that since the company is investing in local spaces that will attract business, which will generate revenue for the area, the local government would like to help them out in return.