Atlantic City Rebirth Continues With New Boardwalk Housing Options

Posted on: July 9, 2019, 10:28h. 

Last updated on: July 9, 2019, 10:28h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.

Atlantic City looks much different today than it did a few years ago. The shuttered Revel and Trump Taj Mahal casinos have reopened as Ocean Casino and Hard Rock, and the Showboat has reopened as a non-gaming Boardwalk hotel.

Atlantic City casino Showboat hotel
It’s a new day at the Showboat, and much of Atlantic City. (Image: Wayne Parry/AP)

This week, the city continued its renaissance with the news of extended-stay options now available at the Showboat. Developer Bart Blatstein is still mulling a decision to potentially build a gaming space adjacent to his Boardwalk hotel, but for now he’s found another way to get guests inside his resort.

The Showboat is offering long-term occupancies including monthly rentals. The property says each comes with first-class amenities including gym and pool access, complimentary parking, fully furnished rooms and kitchen, housekeeping service, on-site maintenance, and 24-hour concierge and front desk assistance.

“These apartments are the next phase and another step toward creating a complete community in the area,” Showboat COO Brandon Dixon told the Press of Atlantic City. “We are truly committed to the redevelopment and rebirth of Atlantic City.”

Weekly rates are $1,300 for a studio, $1,800 for a one bedroom, and $2,400 for a two bedroom. Monthly rates are available upon request.

New AC

Blatstein’s Showboat has a deed restriction on it that prevents the building from housing a casino. Caesars Entertainment, the former owner of the casino, closed it in 2014 to ease saturation despite the property still turning a profit at the time.

Blatstein is now partnering with neighboring Hard Rock, Ocean, and Resorts to market the northern end of the Boardwalk, which they’ve dubbed the “North Beach.”

We are all working together for the first time to highlight what is a great experience here in North Beach,” Ocean Casino Resort CEO Eric Matejevich explained. “A guest can have three totally different casino experiences with maybe 40 different restaurants within a 10-minute walk.”

The Showboat renovating some of its hotel rooms into extended-stay occupancies is the latest effort to transform Atlantic City into a destination that’s not solely focused on gaming. With the continued expansion of commercial gaming in states across the Mid-Atlantic and Northeast, analysts have said that’s exactly what the town must do.

“Diversification is indeed the key. There’s no two ways about that for success,” Rummy Pandit, the executive director of the Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism at Stockton University, said last year.

MGM Resorts, parent company to the Borgata, announced in May a condo development in the Marina District adjacent to the Golden Nugget. The casino operator and a local real estate developer are partnering to build 200 luxury residences on a 14.7-acre parcel of land between Brigantine Boulevard and Huron Avenue.

“We believe there is strong demand in the high-quality primary and second home market,” MGM said in a statement.

Tourism Outlook

New Jersey saw overall tourism increase more than seven percent last year. Atlantic City benefitted, as the casino town reported gross gaming revenue of $2.51 billion – a four percent increase.

However, with the added competition, operating profits actually decreased 15 percent. Gaming analysts remain optimistic due to a strong national economy and low unemployment

The US Bureau of Labor Statistics reports that unemployment in the Garden State is at just 3.8 percent, the lowest rate in a decade.