Matthew Fazelpoor//May 24, 2024//
As the summer season gets into full swing, there is a lot of excitement building in Atlantic City. A number of multimillion-dollar reinvestment and revitalization projects are taking shape in the city, along with a robust calendar of events and program slated for the season ahead.
As NJBIZ has extensively reported, casino operators are putting their money up – reinvesting in AC to further diversity its unique offerings. The investments come in the face of intense regional competition that will only ramp up in the coming years, especially from New York City. Additionally, casinos are fighting to attract visitors to the resort in a post-pandemic world with a complicated economic picture amid the convenience of mobile gaming and sports betting.
Notable AC upgrades and upcoming events include:
Top headliners throughout the summer include: Chelsea Handler and Matteo Lane, John Legend, Jay Leno, Kansas, Kesha, Ludacris, Miranda Lambert, Patti LaBelle, Snoop Dogg and more.
Premier events are on tap too, such as:
These efforts build on other recent momentum and positive trends that were outlined in a new report. Lloyd D. Levenson Institute of Gaming, Hospitality, & Tourism (LIGHT) at Stockton University and the Casino Association of New Jersey (CANJ) collaborated on “2023 IMPACT: Atlantic City Casino Industry.”
“Our casinos are committed to the ongoing transformation of Atlantic City, and we believe our continued investment in our properties and the community will further enhance the overall guest experience,” said CANJ President Mark Giannantonio. “With world-class entertainment, inviting beaches, endless dining and shopping options, and so much more, Atlantic City is the best getaway for visitors this summer.”
This summer also looks to build on the strong start to the year. A solid first quarter included more than 14 meetings, conventions, and tradeshows, which generated 67,521 room nights booked and nearly 250,000 attendees, which resulted in an economic impact of nearly $60 million.
The Division of Gaming Enforcement’s First Quarter report released this week showed $769.9 million in net revenue for casino licensees. That marked a nearly 2% increase year over year, as well as a decrease in gross operating profit($155.4 million, down 8.7% year-over-year).
Hotel occupancy rate was 64.8% with 902,092 total room nights occupied at an average of $164.20 per night.
“From gaming to dining, from conferences to beaches and from shopping to events, there is something exciting for everyone to experience here in Atlantic City,” said Larry Sieg, president and CEO, Visit Atlantic City and the Atlantic City Sports Commission. “We are seeing continued growth in our meetings and conventions, reinforcing our belief that Atlantic City must be the go-to seaside destination on the East Coast.”
NJBIZ recently caught up with Sieg to further discuss these topics, the season ahead and more. Stay tuned for more from that conversation as AC summer 2024 heats up.