Resorts Casino Now Profitable And Awaiting PokerStars Decision

Five years ago, Resorts Casino Hotel was struggling to survive in Atlantic City’s declining gambling market, but while four of the Garden State’s other venues have since gone out of business, Resorts has been benefiting from the reduced level of competition. As a result, the venue has now returned to profit, and as Resorts President Mark Giannantonio, explains:
“It was dead, and it has been brought back to life. The year I started here three years ago, this place lost $12 million. Last year we made $2.5 million. And this year we will do far better than that.”
In 2010, Resorts Casino was saved from imminent bankruptcy after real estate mogul Morris Bailey and casino executive Dennis Gomes acquired the property for $31.5 million. After Gomes’ demise, Bailey subsequently partnered with the Mohegan Indian tribe, and business has since flourished, leading to the casino in May 2013 opening a new $35 million restaurant, bar and entertainment complex, which has since become one of the Boardwalk’s most popular tourist destinations. This week, Resorts Casino also unveiled a stunning $9.4 million expansion of its conference facilities. As Center for Gaming Research director David Schwartz, explains:
“They have reinvested in their property offering people a reason to visit. Mohegan’s management has given them an experienced team and a larger promotional reach. The combination of investing in non-gaming attractions and offering value to those who want to gamble in Atlantic City appears to be paying off.”
With business improving, Resorts Casino is now awaiting a New Jersey Gaming Enforcement Division (DGE) decision whether to grant PokerStars a state iGambling license. Resorts has a partnership agreement in place with PokerStars, and if the DGE does chose to overlook the FBI indictment against its previous owner Isai Scheinberg, then Resorts could soon benefit enormously from working with the world’s largest online poker site. One of the first things Morris Bailey said he would do following approval would be to build a “big PokerStars poker room” to complement the site’s online offering, which is expected to soon dominate New Jersey’s iPoker market.