Don’t fold on Atlantic City yet

Despite increasing competition in NJ’s backyard and the state takeover, in a webinar presented Friday December 9 entitled “2016: A Year to Hold’em or a Year to Fold’em”, I advised I was going to Hold em. The defeat of the North Jersey referendum gave Atlantic City casinos a window of opportunity, and the painful market adjustment with several casino closings has already occurred. In fact, the remaining casinos are already taking advantage of existing favorable legislation permitting Igaming and skilled games. Don’t forget that New Jersey and Delaware are still the only states permitting all authorized games, not just poker, to be played on line, and New Jersey Igaming revenues have risen significantly this year. New Igaming products such as games with a live dealer are gaining popularity, and there is more to come. Furthermore, New Jersey is the first state to have skilled games on their casino floor, and they have been very well received. As for the state takeover, while there is uncertainty now, there was certainly uncertainty before. And don’t forget that the gaming regulatory bodies are state agencies, so the takeover won’t impact the gaming regulatory process. Yes- there are challenges. But it is not time to fold.

By Lynne Levin Kaufman, Esq.