New Jersey makes a staggering $16.4 million in sport bets over a fortnight
New Jersey casinos Borgata Hotel, Ocean Resort and Monmouth Park collectively took home a whopping $3.5 million in gross revenue from June 14th-30th.
The fiscal triumph emerged after the Supreme Court recently ruled out a federal ban and put an end to the litigation on state-sponsored sport bets last month, meaning the three big fish casinos were able to curate just under $300,000 tax revenue for New Jersey in just two weeks.
In light of the news, CEO of William Hill US ‘Joe Asher’ (who manages the sports books at Monmouth Park and Ocean Resort), couldn’t deny how ‘excited’ he is for the football season to start and claims “We always knew there was a big appetite for legal sports betting during the years of litigation, and now it is being proven.”
According to the Division of Gaming Enforcement, Monmouth Park topped the results with a massive $2.3 million, whilst Borgata took $986,831 and the Ocean Resort made a total of $192,671.
The total revenue takes into account approximately $1 million of future bets which haven’t been paid out yet, including winning tickets redeemed before June 30th, as well as bets made in advance for the World Cup.
In comparison to the state of Delaware, who only took home $7 million in revenue within the first 20 days of legal sports betting, New Jersey were able to double their figures with two-thirds of all bets placed and completed as $10.1 million on Major League Baseball bets and $2.2 million on soccer alone.
With the football season fast approaching and online/mobile betting to be a non-issue very soon, the remainder of the year holds high hopes for the gambling movement of New Jersey, and expects some substantial figures as a result.
MGM National Harbor announces $48 million expansion
Possibly the largest casino in Maryland, the MGM National Harbor has recently unveiled a brand-new extension to their grounds in the form of a 160,000 sq. ft. gaming space, a luxurious new terrace overlooking the Potomac river, complete with new dining and bar facilities, 285 additional slot machines, and an exclusive ‘off-track horse betting’ partnership with the Maryland Jockey Club.
Since opening its doors in 2016, popular demand has put the casino in a position where they need to expand their overall gaming space to accommodate an influx of new business and customers.
The Baltimore Sun recently reported that Live! Casino Hotel Maryland (the second largest casino movement in the state) also inaugurated an expansion of its own last year, with the aim of attracting more visitors. The article explained that this project saw the six-year-old Anne Arundel County venue add a 310-room hotel as well as an events space, a spa and a restaurant.
MGM National Harbor’s Chief Operating Officer for Melonie Johnson says “This year, we have set new casino revenue marks. Expanding our gaming offerings will help us meet the desire of our customers for more luxury gaming entertainment space while welcoming new players to the resort as well. Most importantly, we are providing 250 additional jobs and additional tax revenues to Prince George’s County and the State of Maryland.”
The expansion is expected to increase MGM National Harbor’s overall tax contributions substantially. According to a recent press release, last year alone the resort contributed over $170 million to the state’s Education Trust Fund and generated nearly $343 million in gaming revenue from video lottery and table games since its inception nearly 18 months ago.
The second-level gaming area now houses an extra 7 poker tables and can accommodate up to 460 additional players. Guests will be able to access and enjoy the new casino space 24 hours a day, 7 days a week.
Caesars Entertainment Corp breaks ground on multi-million dollar conference center
One of the world’s largest gaming corporations ‘Caesar Entertainment’ announced their plans to erect a 550,000 square-foot conference in the heart of the Las Vegas strip earlier this week.
The 375 million dollar project is set to be completed by 2020, and will feature 107,000 square-foot outdoor events space known as the ‘FORUM PLAZA’, 5500,000 square-foot meeting space including a 40,000 square-foot ballroom, 6 modernistic boardrooms and 2 of the largest pillar-less ballrooms in the world at 110,000 square-feet. A size equivalent to 3 ice hockey rinks or 27 tennis courts, which can hold up to 10,000 people.
According to the company’s Chief Sales Officer Michael Massari – the news has already attracted some $70 million in convention business before construction has even begun. “That’s just getting started, even before we put a shovel in the ground,” Massari stated at the groundbreaking ceremony. “Once customers get to see what we’re building, we expect it to get better.”
Rumor has it, the conference center will be the first facility of its size, spanning out over one entire level and creating more than 1,000 local construction jobs and over 450 permanent jobs. “Caesars Entertainment has eight properties located in the center of the Las Vegas Strip – more than any other competitor,” says Caesars President and CEO Mark Frissora. “With our geographic advantage and the demand for meeting spaces exceeding available inventory, this project builds on our strategy to provide a value-add to meeting planners, guests and investors.”
The complex will be connected to Harrah’s and the Linq Promenade retail district, and will be within easy walking distance of over 20,000 hotel rooms owned by Caesars on the Las Vegas Strip. “We will never lose sight of the of the core business that has been driving our success,” says Frissora. “The meetings and conference market is, and will continue to be, the business that also nurtures our gaming, hospitality and entertainment offerings.”
As a spearhead within the meetings industry, Caesar Entertainment hosted 1.6 million room nights, more than 1.9 million meeting participants, and 17,300 meetings and events last year alone.
It is estimated that when the new development is complete, Caesar Entertainment will own more than 1.3 million square-feet of meeting and event space in Las Vegas.
