Borgata Hopes To Be First In New Jersey To Offer Online Gambling
Market Could Be As Large As $1.2 Billion, Some Say
Atlantic City will soon be home to Internet gambling and one casino firm is looking to be first to the market – a move which could give it a clear advantage over its competitors.
The Press of Atlantic City reported Wednesday that Borgata Hotel Casino & Spa expects to begin offering games soon after state regulators adopt rules for the fledgling industry.
No official date has been set for when the state will iron out the rules for Internet gambling, but it’s been said that Internet bets could be underway by the end of the year.
“We intend to be among the first to offer online gambling in the state of New Jersey and are confident the Borgata brand will allow us to capture a substantial share of this lucrative market,” the company reportedly told analysts during a conference call on Boyd’s first-quarter earnings.
Estimates on the size of the potential New Jersey market vary greatly. Some are predicting as high as $1.2 billion, while others say as little as $200 million.
The Borgata, like the rest of the city, has experienced slumping revenue figures for its land-based operations. However, the Borgata is still Atlantic City’s top casino. It’s unclear which technology firm could partner with the casino, though MGM Resorts International has a stake in the property and has an existing deal with Bwin.Party for a future Nevada online poker product.
According to Press of Atlantic City, Borgata’s revenue figures for the first quarter are down six percent compared to the year 2012.
New Jersey Gov. Chris Christie legalized online gambling in February.
The Borgata has the city’s top poker room, but might have to contend with PokerStars, which is in the process of acquiring a casino in order to enter the market.
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