Atlantic City and Internet Gambling: If you build it, they will come.
12 September 2013
The oldest casino market on the East Coast is getting some international attention lately, and it’s not just because of its curvy boardwalks and old school good looks.
“No matter what you say about it, Atlantic City is still a $3 billion market,” said Vince Crandon, a managing director of MidOil USA, in a Press of Atlantic City article. MidOil USA is currently representing an investment group that includes London-based gambling conglomerate 2UP Gaming PLC, one of the companies lined up to purchase an Atlantic City boardwalk casino this fall.
While name of the purchased casino is being held until the sale agreement is finalized, the sale does bring to light the budding interest in Atlantic City, particularly since the the legalization of online gambling and the improvement to the national economy. Recent years have seen Atlantic City lose revenue and customers to casinos in adjacent states as well a severe downturn of the real estate market. The introduction of new international life blood and the opportunities that iGaming will produce have awakened new potential in this boardwalk town.
“Our priority is to buy. We want to get into the market now. We don’t want to have to wait two years,” said Crandon, referencing the decision to purchase and remodeling an existing brick-and-mortar instead of building one from scratch. He’s not alone in this sentiment, and his company certainly isn’t the last to take advantage.