It was not too long ago that Atlantic City, NJ looked as if it was losing its appeal. As the casino industry seemed to be in decline, it appeared it would take a miracle to revitalize this once booming shore town. The last decade has seen almost as many shuttered casinos as open ones, and the ones that were open were not thriving. However, trends have changed recently. According to the Center of Gaming Research at UNLV, from 2007-2015, total casino winnings in the city decreased each and every year. However, in 2016, this number increased by 1.55%, and then by 2.16% in 2017. The casinos saw a 22.5% increase in operating profits in 2017 as well; specifically, Bally’s, Borgata, Golden Nugget, Harrah’s, Resorts, and Tropicana all increased their revenue from 2016. As two new casinos are set to open in 2018, along with Stockton University’s new campus, the casino industry looks to have another very successful year coming.
June 28, 2018 will go down as one of the most important days in the history of Atlantic City. With the openings of both the Hard Rock Casino and the Ocean Resort, the city will be bustling with tourists for a long time. These two casinos will replace the once luxurious Trump Taj Mahal, and the recently closed Revel. These two resorts, although opening on the same day, could not be more different from each other. Whereas the Ocean is aiming for more of a family atmosphere, emphasizing on the importance of activities outside of the gaming and nightclub industry, Hard Rock will be following a similar model to other resorts in the city: dining, shopping, and nightlife. Within the first two days of opening, Carrie Underwood and Pitbull will both be performing at the Hard Rock, hopefully attracting enough people to explore this new resort. However, arguably the biggest thing coming to Atlantic City is not these two world class resorts, but rather an expansion of a local university.
Stockton University is currently in the process of constructing a new campus in the Southern end of Atlantic City, set to open in the Fall of 2018. The campus will feature beachfront residence halls steps from Atlantic City’s world famous boardwalk. In the future, the city hopes to develop the area around the new campus into a University district, filled with shops and restaurants. The campus currently will house about 500 students, and expects approximately 1,500 to be there daily due to commuters. This large number will absolutely bring increased revenue to not only the casinos, but the outlets and shops along the boardwalk. Stockton says that the hope is to have more students choose to live in the Atlantic City area post graduation, in order to take advantage of the career services offered by the campus, thus increasing rental rates and resulting in additional property taxes paid to the city that is currently still in a financial dilemma. The addition of the new campus can mean nothing but good things to the Atlantic City area and neighboring communities.
A thriving Atlantic City will do wonders for all of South Jersey, and with the city back on its way to being a popular tourist destination, including the possible return of the Atlantic City Surf baseball team, there is no better time to own real estate in the area. If you are interested in investing in a home, or beginning the process of becoming a landlord, contact Brass Financial Group for your loan and mortgage needs. Closings are quick and convenient so you can get the property you want easily. With the South Jersey area on the upswing, it is time to get involved!