AC closing in on Vegas?

[Eponymous]

Interesting article summarizing new mega-casinos and expansions to existing properties in AC. Excerpt below. Will AC surpass Vegas in gambling revenues in the next few years? (and possibly overall revenues eventually?) An Atlantic City with a growing number of new Vegas-style casinos while the existing ones upgrade to keep up, not to mention the added attraction of the beach and boardwalk, could rival Vegas for the #1 gambling destination.

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Atlantic City and Las Vegas are close when it comes to the amount of money they take in from gambling. Last year, Atlantic City netted $5.2 billion, while Las Vegas took in $6.5 billion.

But at $5 billion a year, Las Vegas does 10 times the non-gambling business Atlantic City does. That's something Atlantic City is trying to fix with Vegas-type amenities: high-end shopping at The Pier at Caesars and The Walk, lavish indoor swimming pools like the one Harrah's opened this summer, and signature restaurants by famous chefs such as Bobby Flay, Michael Mina and Wolfgang Puck at the Borgata.

Robert Corrales, a spokesman for the Casino Reinvestment Development Authority, said casino companies plan $10 billion worth of new investments in Atlantic City over the next five to 10 years.


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[Clarkmeister]

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Interesting article summarizing new mega-casinos and expansions to existing properties in AC. Excerpt below. Will AC surpass Vegas in gambling revenues in the next few years? (and possibly overall revenues eventually?) An Atlantic City with a growing number of new Vegas-style casinos while the existing ones upgrade to keep up, not to mention the added attraction of the beach and boardwalk, could rival Vegas for the #1 gambling destination.

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Atlantic City and Las Vegas are close when it comes to the amount of money they take in from gambling. Last year, Atlantic City netted $5.2 billion, while Las Vegas took in $6.5 billion.

But at $5 billion a year, Las Vegas does 10 times the non-gambling business Atlantic City does. That's something Atlantic City is trying to fix with Vegas-type amenities: high-end shopping at The Pier at Caesars and The Walk, lavish indoor swimming pools like the one Harrah's opened this summer, and signature restaurants by famous chefs such as Bobby Flay, Michael Mina and Wolfgang Puck at the Borgata.

Robert Corrales, a spokesman for the Casino Reinvestment Development Authority, said casino companies plan $10 billion worth of new investments in Atlantic City over the next five to 10 years.


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I don't know where they are getting their data, but Las Vegas gaming revenues were about $11 billion last year, not $6.5.

Edit: Even ignoring that, there is way more investment going on in Vegas right now than AC. So just how is AC supposed to close the gap.

I deem the article absurd based on your post.

[Mike Gallo]

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Interesting article summarizing new mega-casinos and expansions to existing properties in AC. Excerpt below. Will AC surpass Vegas in gambling revenues in the next few years? (and possibly overall revenues eventually?) An Atlantic City with a growing number of new Vegas-style casinos while the existing ones upgrade to keep up, not to mention the added attraction of the beach and boardwalk, could rival Vegas for the #1 gambling destination.

[ QUOTE ]

Atlantic City and Las Vegas are close when it comes to the amount of money they take in from gambling. Last year, Atlantic City netted $5.2 billion, while Las Vegas took in $6.5 billion.

But at $5 billion a year, Las Vegas does 10 times the non-gambling business Atlantic City does. That's something Atlantic City is trying to fix with Vegas-type amenities: high-end shopping at The Pier at Caesars and The Walk, lavish indoor swimming pools like the one Harrah's opened this summer, and signature restaurants by famous chefs such as Bobby Flay, Michael Mina and Wolfgang Puck at the Borgata.

Robert Corrales, a spokesman for the Casino Reinvestment Development Authority, said casino companies plan $10 billion worth of new investments in Atlantic City over the next five to 10 years.


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I don't know where they are getting their data, but Las Vegas gaming revenues were about $11 billion last year, not $6.5.

Edit: Even ignoring that, there is way more investment going on in Vegas right now than AC. So just how is AC supposed to close the gap.

I deem the article absurd based on your post.

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I concur.

[Eponymous]

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[ QUOTE ]
Interesting article summarizing new mega-casinos and expansions to existing properties in AC. Excerpt below. Will AC surpass Vegas in gambling revenues in the next few years? (and possibly overall revenues eventually?) An Atlantic City with a growing number of new Vegas-style casinos while the existing ones upgrade to keep up, not to mention the added attraction of the beach and boardwalk, could rival Vegas for the #1 gambling destination.

[ QUOTE ]

Atlantic City and Las Vegas are close when it comes to the amount of money they take in from gambling. Last year, Atlantic City netted $5.2 billion, while Las Vegas took in $6.5 billion.

But at $5 billion a year, Las Vegas does 10 times the non-gambling business Atlantic City does. That's something Atlantic City is trying to fix with Vegas-type amenities: high-end shopping at The Pier at Caesars and The Walk, lavish indoor swimming pools like the one Harrah's opened this summer, and signature restaurants by famous chefs such as Bobby Flay, Michael Mina and Wolfgang Puck at the Borgata.

Robert Corrales, a spokesman for the Casino Reinvestment Development Authority, said casino companies plan $10 billion worth of new investments in Atlantic City over the next five to 10 years.


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I don't know where they are getting their data, but Las Vegas gaming revenues were about $11 billion last year, not $6.5.

Edit: Even ignoring that, there is way more investment going on in Vegas right now than AC. So just how is AC supposed to close the gap.

I deem the article absurd based on your post.

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If the article is absurd, it's based on its own information that I quoted. Regardless, I could see the possibility of the gap closing even if investment in LV > investment in AC. Just the fact that there would be several Vegas-quality properties much closer to people on the east coast could steer a lot of tourists to AC. In effect, each incremental dollar of investment in AC could have greater ROI than in LV. This is because new investment in AC is signficantly improving the experience, where in LV, it is just adding competition to a market that is closer to saturation. But more importantly than whether AC actually can catch Vegas or not (I don't expect it to), it does look to be becoming a more attractive vacation destination, which is good new for us east coasters.

[Eponymous]

[ QUOTE ]
[ QUOTE ]
Interesting article summarizing new mega-casinos and expansions to existing properties in AC. Excerpt below. Will AC surpass Vegas in gambling revenues in the next few years? (and possibly overall revenues eventually?) An Atlantic City with a growing number of new Vegas-style casinos while the existing ones upgrade to keep up, not to mention the added attraction of the beach and boardwalk, could rival Vegas for the #1 gambling destination.

[ QUOTE ]

Atlantic City and Las Vegas are close when it comes to the amount of money they take in from gambling. Last year, Atlantic City netted $5.2 billion, while Las Vegas took in $6.5 billion.

But at $5 billion a year, Las Vegas does 10 times the non-gambling business Atlantic City does. That's something Atlantic City is trying to fix with Vegas-type amenities: high-end shopping at The Pier at Caesars and The Walk, lavish indoor swimming pools like the one Harrah's opened this summer, and signature restaurants by famous chefs such as Bobby Flay, Michael Mina and Wolfgang Puck at the Borgata.

Robert Corrales, a spokesman for the Casino Reinvestment Development Authority, said casino companies plan $10 billion worth of new investments in Atlantic City over the next five to 10 years.


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I don't know where they are getting their data, but Las Vegas gaming revenues were about $11 billion last year, not $6.5.

Edit: Even ignoring that, there is way more investment going on in Vegas right now than AC. So just how is AC supposed to close the gap.

I deem the article absurd based on your post.

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According to these 2006 gaming revenue statistics from UNLV, it looks like $11.8B represents the entire state of Nevada, not Las Vegas. When you add the revenues from the Vegas strip ($6B) and downtown Vegas ($0.6B), the article looks pretty accurate. What is your source that says Vegas gaming revenues were $11B?

[Dima2000123]

AC has long ways to go to not be a creepy place outside of Boardwalk. Unless the new fancy casinos buy out the entire city and govern it themselves, I don't see how things can improve substantially for AC.

[Jimbo]

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AC has long ways to go to not be a creepy place outside of Boardwalk. Unless the new fancy casinos buy out the entire city and govern it themselves, I don't see how things can improve substantially for AC.

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QFT

Jimbo

[robracing]

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AC has long ways to go to not be a creepy place outside of Boardwalk. Unless the new fancy casinos buy out the entire city and govern it themselves, I don't see how things can improve substantially for AC.

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AC is so seedy and decrepit, it is beyond help.

Any new investment would be far better spent on a new coastal resort somewhere north of AC, so that it was actually within a reasonable weekend drive of the big tristate cities.

AC a serious threat to Vegas?! LOLOLOLOLOL

Not in this lifetime!

[zerocarb]

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Any new investment would be far better spent on a new coastal resort somewhere north of AC, so that it was actually within a reasonable weekend drive of the big tristate cities.

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What exactly is "reasonable"? It's an hour from Philly and there's an Amtrak express from NYC scheduled to start running in the next few months. Hundreds and hundreds of buses come here every day from New York, D.C., Baltimore, etc.

AC has problems, ldo. Name one city besides Mayberry that doesn't? And FYI, there are dozens of "coastal resort" towns within a short drive both north and south of the city. You don't have to stay in the casino district or in one of the stabbin' cabin no-tell motels on the Black Horse Pike.

[mikewpu04]

While I agree with most people's replies that AC can never BE or exceed Las Vegas, AC is making improvements by the leaps. Now a large part of the city became outlets and shopping, areas that used to be really bad.

Before the Borgata opened, most of the AC properties could not rival a Vegas casino. I feel in large part to the Borgata, many of the hotels are now rapidly upgrading their casinos. Harrah's AC just underwent a huge rennovation of their floorspace and shopping area, not making it the Bellagio, but a heck of a lot nicer inside. The Tropicana with the Quarter is much nicer then it ever was as Trop World in the 90s.

And for people who say AC is dumpy outside of the boardwalk, while they are right, is Las Vegas really a paradise outside of the downtown/strip areas? Is any major city without major crime and problems?