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During Reuters Travel and Leisure Summit this week, casino executives discussed the need for a “complete overhaul” of Atlantic City’s seaside offering in order for the areas gaming market to survive.
Atlantic City was once the undisputed gaming capital of the Eastern Seaboard but has been dealt a bad hand by the economy and the growing number slot parlors in neighboring states like Pennsylvania, Connecticut and New York.
Last year the city’s casinos generated $3.2 billion in revenue, a 25% drop since 2006, with four of the 11 hotel casinos in some state of distress, not accounting for halted projects or those under construction.
“If we don’t do something to make it better, then it is going to continue to get more painful,” Harrah’s Entertainment Inc Chief Executive Gary Loveman said. “There is no reason why we should sit by and let that happen.”
Their ideas to ensure a rebound included spending more marketing dollars, bringing in better entertainment and overhauling the city’s safety systems and infrastructure.
“The city of Las Vegas through the Convention & Visitors Bureau spends $300 million or more annually telling you what a great place Las Vegas is,” Loveman said. “The comparable Atlantic City number is about $8 million a year.”
Harrah’s Entertainment owns the most properties in the area with four casinos. In January they saw a slight increase in gaming revenue while the boardwalk overall saw an 8.5% decline.
Harrah’s is followed by Trump Entertainment with three casino properties, all currently under bankruptcy protection.
“We can collectively make the business much more attractive, but we have got a long way to go,” Loveman said. “We need to make the boardwalk a very appealing leisure destination. We need to secure safety and cleanliness issues.”
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