Casinos in New Jersey

The latest proposal has casinos expanding to north New Jersey and the Meadowlands in particular. Hard Rock will be the principal operator of that project. Hard Rock’s chief executive, Jim Allen, said the $1 billion casino would feature 5,000 slot machines, more than 200 table games, and 12 to 15 restaurants, and that it could open as soon as soon as the summer or early fall of 2016. They would have the capacity to have a sports book if New Jersey receives the go ahead.

 

The go ahead include getting the citizens of New Jersey to pass a referendum to expand gaming outside of Atlantic City and a ruling from the 3rd Circuit Court concerning sports betting. The tax rate would be 55% in North Jersey compared to 8% in AC. Part of the taxes raised would go to Atlantic City. The amount is projected at 200 million. The tax rate is contingent on only two new licenses being awarded to the North Jersey region. Here is a video of the press conference with more details.
 

James Allen- CEO

 

I would like to see a group from Atlantic City pool resources and be a part of one of the sites. This would enable allow a  portion of the revenue earned to be  designated for property reinvestment in Atlantic City. This is in addition to taxes and could be matched dollar for dollar. The incentive for the reinvestment would have a cap so the city would get the brunt of the tax dollars.

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Gaming News from Atlantic City

This week ,Atlantic City scored a 3 point shot with the announcement that Revel would be sold to Glenn Straub, the developer from Miami Florida.  Straub said after the hearing he has reached a deal to buy several casinos or former casinos in Atlantic City as part of a $500 million, multi-faceted deal. He said details would be revealed on Saturday, but added, "I've already bought them."
As part of his plans to purchase Revel, Mr. Straub intends to cancel all existing leases and contracts tied to the property, including those with the former tenants and with the operator of the property’s custom-built power plant, its only source of electricity and hot water.
“They have to understand, we can’t have them control our lives,” Mr. Straub told The Wall Street Journal Thursday. Straub's plan is said to include reopening the casino in Revel but on a smaller scale.

Now

A $50 million makeover of The Pier Shops will turn the underperforming beachside mall into an all-American party palace called The Playground, and make it “the music capital of the East Coast,” Philadelphia developer Bart Blatstein announced at a long-awaited press conference Wednesday. This will heighten the interest in Atlantic City will additional music and entertainment venues in the center of the Boardwalk. One way, he said, is that his plans call for providing far more views of the beach, ocean and Boardwalk than currently exist. He added that more restaurants and "high-end shops" are planned in addition to the 14 music venues.

 IN THE FUTURE

The target market will be millennials that are single and under 40.  Blatstein has a proven track record based on his success with Northern Liberties in Philadelphia. Night life similar to the Piazza.

The Stars come out at night

Straub and Blatstein share a view that a renaissance is in order for the struggling resort. The revitalization will have less emphasis on gaming and more on food, beverage and retail. Sounds like a mini Las Vegas East. They still need more hotel rooms and a direct route that consist of rail or air travel.  I would like to see another gaming operator enter the market with a boutique casino style. One that has 200 to 500 rooms with no more  than 1000 slots and 70 tables games, including poker. That operator would also engage an online partner to have an I Gaming presence.

 

  

 

 

 

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