While changes in the legislation relating to online gambling have boosted revenues, the revised landscape is causing plenty of ripples in the rest of the sector. Read on as we look at the latest news.
Ocean Casino Resort cuties ties Hyatt
Ocean Casino Resort has confirmed that it will be severing its ties with the Hyatt Hotels Corporation at the end of the year.
Hyatt has operated Ocean’s hotel since June 2018, but the high-profile partnership has lasted just 18 months. The company announced the news via a statement on its official website.
“Due to our continued success, our hotel volumes no longer permit preferential booking for Hyatt Loyalty guests,” it read. “We are grateful to Hyatt for the impetus it gave us for our grand reopening and value Hyatt’s guests.”
The Ocean has been hugely successful under Hyatt’s stewardship, boasting a 99.6 percent occupancy rate during the third quarter this year.
However, It is believed that Ocean’s bosses were unconvinced that the figure had been generated by Hyatt’s efforts.
The operator did little in the way of promotion, with the Atlantic City hotel rarely featuring in a prominent position on Hyatt’s website.
A luxury spa located at the Ocean, which is also owned by Hyatt, will not be affected by the split between the two companies.
Bailey backs efforts to replace Mayor
Morris Bailey has thrown his weight behind community efforts to replace New Jersey’s mayor with a city manager.
The Resorts Casino Hotel owner has contributed more than $125,000 to a referendum that wants to change the way the city is run.
Other resorts, local construction firms and gaming unions are also supporting the bid to restructure local governance.
Bob McDevitt, President of Unite Here Local 54, is firmly behind the proposal and has claimed there is already enough support for the referendum to be held.
“The only people that are (against this) are those who are part of the cartel,” said McDevitt.
“I believe we should have less people running a government. I think it’s more efficient and it makes sense for a community this size.
“No major city that has the kind of hospitality industry that we have has a main drag with the kind of undesirables and buildings that should be torn down.”
Eldorado and Caesars agree merger
Two of the biggest names in the New Jersey gaming industry – Eldorado Resorts Inc. and Caesars Entertainment Corp. – have agreed to merge.
Federal and state regulators will now be asked to review the proposed $17 billion link-up that would create the country’s biggest gaming operator and owner.
New Jersey’s Division of Gaming Enforcement and the Casino Control Commission will meet during December to discuss the proposal.
Local gaming experts have questioned the move, claiming that it would create a monopoly that may have a detrimental effect on the industry in the area.
However, the state Office of the Attorney General, released a statement saying that the regulatory bodies were committed to looking after the best interests of gaming in New Jersey.
“As required by law, the Division is responsible for ensuring the honesty, integrity and financial stability of casino licensees,” it read.
“Part of this process is analysing the economic impact of casino acquisitions such as the Eldorado/Caesars merger.
“As part of this process the Division has retained an economic expert to assist with the review of this merger.”