Atlantic City's Resorts Casino Announces Expansion PlanDecember 8, 2014 12:07 pm
Over the past few years, the news out of Atlantic City may have been centered around the state’s ailing gambling industry, but one venue seems to be bucking the trend, and while four of AC’s 12 casinos would have shut shop by the year’s end, Resorts Casino Hotel has announced a $9.4 million expansion of its convention space. Commenting on the expansion plan, Resorts CEO Mark Giannantonio, said:
“We really were at our max capacity when it came to conventions that the property itself could do. Not because we didn’t have the rooms, but we didn’t have the meeting rooms.”
Nevertheless, the news is less of a surprise when one considers the loss of several AC casinos is leading to a more efficient gambling market in which the surviving casinos jostle to capture the excess market share now up for grabs. Interestingly, Resorts neraly didn’t make it itself, and in 2009 almost became a victim of Atlantic City’s contracting casino market. Operations have certainly turned around since then, and for the first three quarters of 2014 the casino has reported almost $4.5 million in gross operating profits, compared to $6.6 million loss for the same period last year.
The Resorts expansion is expected to get underway early next year, and be completed by summer. The project will also add a further 12,000 feet of new convention space, resulting in a total of more than 64,000 square feet in meeting space for a market desperate to attract business groups. Resorts was purchased by New York real estate developer Morris Bailey in 2010, and commenting on the new development, said:
“This conference center expansion is the latest example of the company’s reinvestment in the property and Atlantic City as a whole as we continue to strategize ways to revive and turnaround this market. From the growing demand for additional conference space from a new niche audience to the increasing popularity of Margaritaville, Resorts is showing a positive return on investment as a successful destination location on the East Coast.”
Resorts occupies a prominent role in US gambling history, and in 1978 became the first casino to open its doors in the country outside of Nevada. Located at the end of the famed Atlantic City Boardwalk, the casino resort boasts 942 guest rooms and suites, a casino, two theaters, six restaurants, and retail shops, as well as a range of other facilities, including a swimming pool, and health club.