With New York set to launch expanded casino gambling in the Big Apple later this month, New Jersey Governor Mikie Sherrill is acutely aware of the threats posed by the entry of one of the world’s most famous cities.
The rollout of table games at Resorts World New York City next week has reignited a debate on whether the Garden State should pass a constitutional amendment allowing in-person casinos beyond Atlantic City. For some residents of northern New Jersey, the commute to Aqueduct Racetrack and the adjacent casino at Resorts World is less than 30 miles. For those residents, the trek south to Hard Rock Atlantic City is about 115 miles, resulting in a one-way trip of nearly two hours. Last week, Sherrill appeared at the Hard Rock for the East Coast Gaming Congress, one of the nation’s longest-running gambling conferences.
The expansion of casino gambling in New York City has reignited a debate about the addition of casinos at The Meadowlands and Monmouth Park to stem the loss of tax revenue to the Empire State. In January, two state senators pre-filed a constitutional amendment that would authorise the legislation of two casinos at the racetracks. The proposed bill has been met with strict opposition by stakeholders in Atlantic City, who argue that it will deal a severe blow to the casino industry along the South Jersey shore.
Sherrill, who took office in January, addressed the conundrum at a keynote luncheon.
“Yes, we’re facing new challenges as competition from New York City becomes real. I know the legislature is debating ideas for that right now, but my focus is on Atlantic City,” Sherrill said. “I’m growing this town and the surrounding region in a way that will build a shared vision for the future.”
Bally’s Kim considering AC transformation
Prior to Sherrill’s luncheon address 15 April, Bally’s Chairman Soo Kim gave a brief presentation at the conference. The company operates Bally’s Atlantic City, a casino with 83,000 square feet of gaming space. The resort is located on Park Place and Boardwalk, two locations popularised in the board game Monopoly.
Kim raised eyebrows when he suggested that certain properties along the Boardwalk could be repurposed to capitalise on the value of the land. Throughout the Atlantic coast, Kim told the audience that there is not one bit of beach property that is not developed at a “very high acreage dollars per square foot”.
Long Branch, a beach community about 80 miles north of Atlantic City, has seen double-digit gains in condo sales for properties of $1 million or more. Last June, Business Insider described Long Branch as a once-sleepy town that is “rebranding as a luxury travel destination”.
Kim harkened back to his days on Wall Street when he worked as an analyst for the capital management group at Bankers Trust. Kim recalled a conversation with an oil trader who gave him a blueprint of how to attain success in the investment world.
“Here for some reason, we have a lot of empty space – we have abandoned buildings,” Kim said. “I feel like Atlantic City itself might have forgotten an adage that this oil trader told me, which was, ‘you’ve got to do one thing really well.’”
The threat from New York
Bally’s is one of three casinos that received a downstate New York casino licence in December. Bally’s Bronx, a $4 billion project, is located in Ferry Point Park on a golf course formerly owned by US President Donald Trump.
Following his presentation, Kim told iGB that he expects Atlantic City gambling revenues to fall dramatically when Resorts World NYC unveils its expanded operations. Resorts World is scheduled to open the city’s first full-fledged casino 28 April, the casino announced this week.
Kim, meanwhile, went on to describe New York City as one of the “best markets in the nation”, if not the world. He believes the opportunity in New York “dwarfs” that of Chicago, where Bally’s is set to open a downtown casino.
In terms of northern New Jersey, Kim conceded that Bally’s Bronx has yet to model the percentage of foot traffic that will come from customers in the region. However, he noted that the property will be located in close proximity to several New York City landmarks such as LaGuardia Airport and Yankee Stadium.
“How many Yankees’ caps are in northern Jersey?” he asked reflexively.
Still, Kim stopped short of announcing immediate plans to close Bally’s Atlantic City. Unlike Resorts World, Bally’s Bronx is not expected to open until 2030.
“I’m not saying that there can’t be gaming in Atlantic City,” Kim said. “I’m saying that maybe it’s a good time for operators here to think that this land might be better used or the highest investment use for this property is an amazing beach experience.”
Other key takeaways
– Speaking of the Windy City, Kim provided an update on Bally’s Chicago, a $1.8 billion integrated resort. While Bally’s has operated a temporary casino at the Medinah Temple since 2023, the company will be forced to close the property in September unless it receives an extension. A pending bill in the Illinois legislature could grant Bally’s multiple extensions to keep the casino at Medinah Temple open beyond this fall.
Kim appeared unconcerned at the prospect of shutting down the temporary casino, telling iGB that he still expects the permanent facility to be opened next year. “If we shut down the temporary casino, it’s not the end of the world, we’ll still finish the actual project,” he said. “We’re finishing in less than 12 months.” Last October, S&P Global gave Bally’s a ‘B-‘ Issuer Credit Rating, while warning that it could lower the rating if there are further delays with the project.
– As expected, prediction markets played an integral role at the conference. Former New Jersey Governor Chris Christie made an appearance 15 April on behalf of the American Gaming Association. During a fireside chat with AGA President Bill Miller, Christie was interrupted by a security alert that blared loudly several times. The alert delayed the chat for at least five minutes. Christie jokingly blamed prediction markets for the disruption. “It’s Kalshi again,” Christie cracked. “They are everywhere.”
– This year’s East Coast Gaming Congress marked the 29th rendition of the prominent event, according to Michael Pollock, senior policy advisor for Spectrum Gaming Group. Pollock described the conference as one of its best lineups in the history of the event. The 30th edition next year will coincide with the 50th anniversary of a 1976 referendum, which authorised casinos in Atlantic City.
Matt Rybaltowski
Matt is primarily responsible for long-form feature coverage on complex sports betting scandals. He also provides coverage on finance, M&A and other technological developments.
Original article: https://igamingbusiness.com/casino/2026-ecgc-review-ac-under-threat-nyc-launch/
