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Now that three casino operators officially have the green light to build ambitious casino projects in New York City, some wonder how Atlantic City casinos will fare when those Big Apple casino resorts open for business.
One expert with close ties to the Garden State has a possible solution.
Jersey native John Boyd Jr. of The Boyd Company, a corporate site selection consultancy, believes Atlantic City should fight fire with fire.
“Casinos today are viewed as valuable component of mixed-use real estate development – not unlike how new major league sports stadiums and arenas are looked at today. The days of exclusivity are long gone. They’re never coming back. This really puts an exclamation point on the need for Atlantic City to really diversify into a year-round, live-work-play destination with diversified economic development initiatives, where casinos are part of it.”
Go big or go home
Boyd believes the beaches and the famed Boardwalk still make Atlantic City a unique, attractive destination for tourists. But in seeing the plans for the New York City casinos – being part of massive mixed-use complexes he terms “live-work-play” – Boyd believes Atlantic City needs to follow suit.
“Think about a new public-private partnership in Atlantic City, to compete with the likes of an Orlando or a New Orleans or a Las Vegas, with respect to fundraising and bringing in the best talent to do global economic development and promotion efforts.
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Czar of economic development
To help encourage the kind of growth and progress that Boyd envisions, he proposes appointing a “czar of economic development.” That person would spearhead ambitious projects akin to Metropolitan Park, the $8.1 billion development that New York Mets owner Steve Cohen and Hard Rock are working to create in New York City.
The vision for Metropolitan Park puts a casino amid a 25-acre public park, a food hall, and a hotel on a 78-acre footprint adjacent to Citi Field, Flushing Meadows Corona Park, and the currently-under-construction soccer stadium where Major League Soccer’s New York City FC will play its home matches starting in 2027.
Boyd sees the czar as someone analogous to Dan Gilbert, who led revitalization efforts in Detroit; Steve Ross, who has been actively transforming West Palm Beach, FL; and Tony Ressler, the driving force behind the $5 billion Centennial Yards project in Atlanta.
Northern NJ casinos?
Boyd thinks one key to Atlantic City’s continued success could be encouraging casino development similar to New York City’s projects in Northern New Jersey. They would be even closer to New York City.
Boyd envisions a rising tide lifts all boats scenario.
“If New Jersey allows casinos in North Jersey, there will be revenue sharing, and there’ll be funds to really do some exciting, creative things to make Atlantic City more competitive.”
Making Atlantic City More Attractive
In the meantime, Boyd believes there are strategies available to Atlantic City casinos in their current forms, such as focusing more on bringing in entertainment acts and on loyalty programs to reward customers, that can continue on once their competition in NYC fully opens.
“A new generation of gamblers signing up for these rewards and loyalty programs in New York now are now more likely candidates to visit one of the partner casinos in Atlantic City.”
Boyd’s not alone in making these observations. Shortly following the NYC announcement, Stockton University professor Jane Bokunewicz said the new casinos could actually rekindle tourism in Atlantic City given its relative proximity to the Big Apple.
That effort is, to a degree at least, already underway, according to Casino Association of New Jersey President Mark Giannantonio.
“We must accelerate Atlantic City’s transformation into a leading year-round resort destination.
“The Atlantic City casino industry has already made significant strides in diversifying its offerings to provide a world-class experience for its customers, investing more than $1 billion in their properties over the past five years.”
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