This year is setting up to be a good one for Atlantic City, NJ. Plagued by multiple casino closures and significant job loss over the last five years, economic prosperity may yet be on the horizon. There are several major projects underway, and they are all set to come to fruition this year.
Ocean Resort Casino
After only two years in business, Revel Casino closed its doors in 2014, making it the third casino in Atlantic City to close that year. The casino has finally been purchased, by a Denver-based developer named Bruce Deifik. It’s being renamed Ocean Resort Casino, and the new owner is confident that he’ll be able to attract good business. The casino will offer the same amenities and entertainment as before and then some. It would also be the first NJ casino to offer sports gambling, if it is approved by the U.S. Supreme Court in a ruling on sports gambling in the state of New Jersey. It is estimated that Ocean Resort Casino will create 2,500 to 3,000 permanent jobs, and it is expected to open this summer.
Hard Rock Casino
The Taj Mahal Casino is also set to reopen this summer, this time under the familiar moniker Hard Rock Casino. Their hiring process began January 30, and they’re advertising they have 3,000 permanent positions to fill. And in a show of loyalty, former employees of Taj Mahal Casino will be given preference and are being encouraged to reclaim their old jobs. The new Hard Rock Casino is doing away with the old Taj Mahal decor and has opted not only for its usual rock and roll atmosphere, it’ll also highlight the local music industry and the musicians that have called New Jersey home. Appropriately so, the casino will also feature a new concert venue.
The Gateway Project
Atlantic City will also be diversifying its economic landscape this year. In a move based in neither gambling nor tourism, it has welcomed a satellite campus of Stockton University–the reputable and ever-expanding state school just twenty minutes inland of the city. Dubbed the Gateway Project, the campus will be situated at the intersection of Albany and Atlantic. It will feature student housing for 520, an academic building that can hold 1,800 students, and a combination parking garage with offices for South Jersey Gas. The campus is sure to benefit nearby businesses, and may well flood the local rental market with students looking for housing.
Another significant project underway in Atlantic City is an apartment complex called The Beach. Located at the South Inlet, this 250 unit development is a much needed addition to the city’s outdated housing stock, which is mostly comprised of properties over 40 years old. The complex will feature amenities such as a gym and pool, as well as a retail space on the first floor, with various shops, restaurants, and a grocery store. Updated and quality housing such as this is important to any city, especially one looking for revitalization. It encourages local employees to live within the city, and it is an opportunity for families to find better housing. The Beach is also projected to open this summer.
With this new flurry of activity, it’s sure to be an exciting year for Atlantic City. If you’re interested in looking at investment or residential properties, in Atlantic City or elsewhere, feel free to give me a call. My number is 609-287-1795.
Check out my Atlantic City Economy Report.