Atlantic City betting $10 billion it can rival Vegas
Atlantic City is betting $10 billion it can emulate Las Vegas as a hot destination with top entertainers, luxurious rooms and fancy restaurants run by famous chefs.
“Atlantic City’s 11 casinos are in a frenzy of expansion and construction to compete with Las Vegas and to fight off unexpectedly strong competition from slots parlors in neighboring states,” says the Associated Press.
Almost every casino here is spending millions of dollars to either expand or renovate, or has just finished doing so.
The building boom is adding thousands of new hotel rooms as casino owners aim to remake the resort as a national destination instead of a place for bus-riding day visitors who hit the buffets before going home
One of the most conspicuous projects is the second tower of the Borgata Hotel Casino & Spa. Dubbed The Water Club, the $400 million addition will include 800 new guest rooms, a two-story “spa in the sky,” five swimming pools and other luxury amenities. There was recently a topping off of the 457-foot-tall tower that will be one of the tallest in Atlantic City.
“What we’ve seen since 2003 when we opened is that it’s not merely gaming-centric any more,” said Joseph Corbo, the Borgata’s general counsel and president of the Casino Association of New Jersey. “It’s the amenities everyone offers — the restaurants, the spas, the nightlife, the entertainment. “
Other tourism executives say the area is increasingly trying to differentiate itself as a complete destination.
Atlantic City and Las Vegas are close when it comes to the amount of money they take in from gambling, according to AP. 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,” according to AP.
But 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 and Wolfgang Puck.
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.
Report by David Wilkening
David
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