Can Sports Betting Reinvent Donald Trump’s Failed Atlantic City?
Can Sports Betting Reinvent Donald Trump’s Failed Atlantic City? Donald Trump has already endured quite a few bumps in the road in his brief tenure as the President of the United States. Adversity and financial setbacks have been a big part of his business and personal life throughout the years, especially when it came to his tenure in the Atlantic City casino industry.
In a recent post on the New York Times website in an article written by Patrick McGeehan , the imagery of Trump’s financial failures in this South Jersey coastal gambling town are mirrored against the current rebirth of Atlantic City fueled by new real money casinos and legalized sports betting.
Will Can Sports Betting Reinvent Donald Trump’s Failed Atlantic City?
Donald Trump knows how to hype things, but none of his past rhetoric concerning Atlantic City ever came close to meeting expectations. His involvement in the town’s casino industry came to an end years ago with multiple foreclosures and fire sales in bankruptcy proceedings.
The current rebirth in town is a direct result of his failures with Trump’s shuttered Taj Mahal set to reopen this week as the Hard Rock Hotel & Casino following a $500 million renovation. This was one of three former Trump Atlantic City casinos that eventually went bankrupt. One of his other failures was the Revel Casino and it is also ready to open as the new Ocean Resort. Trump was also involved with a Caesars’ property that eventually went into bankruptcy in 2015.
All told, just a few years back the state of New Jersey had to intervene in the financial affairs of five of the 12 Atlantic City casinos that almost resulted in the town going bankrupt at that time. The turnaround in fortune has been slow, but well-planned with the right amenities and the right amount of investment capital to give these new casinos a realistic chance to succeed where Trump and others failed.
The other catalyst for change is New Jersey’s recent decision to expand legalized sports betting to its casinos and race tracks. After an extended court battle against some of the biggest leagues in professional sports that went all the way to the US Supreme Court, New Jersey’s recent victory in the courts could mean a whole new level of success for the Atlantic City casino industry.
The Future Of Atlantic City Casinos
Plans are currently in place to add full-scale sportsbooks to the casino properties in the coming months. Monmouth Park, further up the coast in the state beat everyone to the punch by opening its onsite sportsbook earlier this month. The new Hard Rock Hotel & Casino is expected to announce a partnership with an outside company to run its sportsbook according to the New York Times report. The owners of the new Ocean Resort are in the process of turning the bar in the center of the casino floor into a full-service sports book.
The report also goes on to mention that $4.8 billion was wagered on sports in the state of Nevada last year as the only legal place in the country to bet on the games before New Jersey. The casino’s share of that amount was $250 million according to the UNLV Center for Gaming Research.
The 45th US President Donald Trump, who is known for his slogan “Make America Great Again” or “MAGA” allegedly sold his investments in Atlantic City New Jersey. Obviously, as the President of the United States of America, he cannot personally have any business holdings as he is a public servant(debate). However, the Hard Rock casino tore down The “Trump Taj Mahal” sign over a year ago. Since then, sports betting has increase ther New Jersey gambling revenue by a great deal.
Whether it is legal online sports betting, or mobile casino gambling, the state of New Jersey has to lead the efforts of legal online gambling successfully to the point where other states may be getting involved.
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