Atlantic City is now home to some of the biggest and best casino-resorts on the planet. That includes Bally’s Atlantic City, a venue now controlled by Twin River Holdings. According to new reports, this company is investing an incredible $90 million to upgrade this venue.
Fans of this hotel-casino have reason to be excited. It’s obvious that Twin River sees the potential in its Atlantic City property. Today, we’ll take a look at what is happening in this city.
Let’s get into it!
Twin River Worldwide Holdings Continues to Expand in the US
The US casino industry is in a very unusual position right now. Casino revenue remains low around the country. Each major casino company is now taking its own approach to deal with the situation the industry finds itself in.
Some companies are looking to downsize. Las Vegas Sands and Wynn Resorts have been cutting back on opening hours for some of their biggest properties. LVS even claims it’s interested in selling some of its top casinos.
Other companies are choosing to expand right now. Caesars Entertainment, for example, has made several major purchases recently. The company even acquired William Hill, one of the largest sports betting companies in the world.
Twin River is focused on expansion, too. Back in October, news broke that this company secured the rights to Bally’s brand name. This move brought Twin River several new properties, including Bally’s Atlantic City.
Today, Twin River Worldwide Holdings owns and operates many different casinos around the country. It continues working hard to improve these venues. News has recently come out that indicate the company is investing an incredible amount of money to improve its property in Atlantic City.
Here’s a look at what is being planned for this hotel-casino.
Bally’s Atlantic City Will Soon Receive a $90 Million Upgrade
The city of Atlantic City has been going through a revitalization over the past few years. It’s incredible when considering how dire things were here in the wake of the 2007-2008 financial crisis. As time went on, tourism rates and casino revenue began to increase.
The legalization of sports betting helped things here, too. New Jersey was one of the first states to legalize sports betting. This seemed to bring new life to Atlantic City and many began flocking to the city to place wagers on their favorite sports.
At the start of 2020, things were looking great. Of course, by March, all of the casinos in New Jersey were ordered to shut down. It wasn’t until July that these venues began opening back up to the public again.
Atlantic City is faring better than many other gambling destinations right now. It’s still very tough for the casino companies and their employees, though. Revenue earnings have been slowly increasing and some of the casinos here are now focused on renovations.
News has recently come out that Twin River plans to invest $90 million in upgrades for Bally’s Atlantic City. Officials within the company detailed these plans during a public hearing on Wednesday. Marc Crisafulli, executive vice president of strategic development and government relations for Twin River, spoke about this situation to the media this week.
“We want to make sure Bally’s is competitive again and return it to its former glory,” he said. “We’re committed to making it a signature property again, right at the center of the Boardwalk… We know it’s going to take a lot of time, effort and investment.”
Officials are confident that these upgrades will help to boost revenue in the long-run. It’s unclear exactly what will be changing here. We’ll continue offering updates over the next few weeks!
Sports Betting Proves Hugely Valuable to New Jersey
The casino industry in Atlantic City is still suffering. Revenue seems to be increasing each month, yet the money remains far lower year-on-year. As a result, many of the casino companies here are now focused more on their sports betting operations.
As we mentioned earlier, sports betting was approved here back in mid-2018. To the surprise of some, revenue from this industry has been skyrocketing this year. The resumption of leagues like the NFL and NBA has helped to boost revenue.
New Jersey has been setting US records in sports betting handle. This past August, the state saw an incredible $667 in sports bets placed. A month later, another record was set with $748 in sports betting handle.
This money is helping casinos to stay afloat. This allows these casinos to avoid layoffs and increase marketing activity. Many now believe that the sports betting operations in this state is key to the success of its gambling industry.
It will be interesting to see how Bally’s Atlantic City improves with the money invested by Twin River. It’s these kinds of moves that will help the US casino industry afloat.
Do you plan on visiting Atlantic City this year? How do you think things will look here in 2021? Let us know in the comments section below!
A longtime sports and gambling enthusiast, Kevin looks to present up-to-date and reliable information for readers. If he’s not writing, he’s probably watching MMA or playing blackjack. …