Borgata Atlantic City Opens MGM Tower Following Renovation

Must read

[ad_1]

Posted on: May 30, 2023, 11:12h. 

Last updated on: May 30, 2023, 11:26h.

MGM Resorts’ Borgata casino resort in Atlantic City has completed its $55 million renovation, a project that coincides with the Marina District property’s 20th anniversary.

Borgata Atlantic City casino revenue MGM Resorts
Crane workers prepare to replace The Water Club logo atop the Borgata’s neighboring hotel tower. The 38-story adjourning hotel in Atlantic City is now called the MGM Tower. (Image: MGM Resorts)

Developed through a partnership with Boyd Gaming, MGM opened Borgata on July 2, 2003. MGM bought out Boyd’s 50% stake in the casino, which has become the top-grossing property in the Atlantic City market, in May 2016 for $900 million.

In commemoration of a successful two decades in business, MGM earlier this year announced a $55 million upgrade of the Borgata’s Water Club. The hotel tower’s more than 700 guestrooms and suites have been refreshed.

The Water Club has been subsequently rebranded to the MGM Tower at Borgata. Among the MGM Tower are 40 Vista Suites, which resort officials say are the property’s most luxurious offerings.

In a video shared to its social media channels, Borgata showed off its new MGM Tower occupancies that feature cool, light tones. Strangely, the Borgata website hasn’t yet been updated to reflect that The Water Club is no more.

Market Dominance

Borgata has long dominated the Atlantic City casino market.

The casino generated gross gaming revenue (GGR) of $724.4 million on its brick-and-mortar floor last year, or 26% of the $2.78 billion that the city’s nine casinos collectively won. Hard Rock was a distant second at $492.3 million in legacy gaming.

With GGR from iGaming and sports betting, Borgata’s combined 2022 gaming income totaled upwards of $1.3 billion.

Borgata was also the most profitable of the nine casinos last year. MGM said its Atlantic City resort delivered the company a gross operating profit of more than $140.2 million. Gross profit reflects earnings before interest, taxes, depreciation, amortization, affiliate charges, and other miscellaneous expenses.

Despite the June 2018 openings of Hard Rock and Ocean Casino, MGM Resorts International CEO Bill Hornbuckle says Borgata has managed to fend off the new, luxury-oriented competition and retain its reign as Atlantic City’s top-grossing property.

“Atlantic City, given all of the competition and the reawakening of Hard Rock and Ocean, is a highly competitive market. But we’re holding our own,” Hornbuckle said on the company’s 2022 earnings call in February. “Borgata continues to do the same kind of EBITDA.”

Hotel Upgrades

Though the Borgata was again the top casino in Atlantic City last year in terms of gaming revenue and profit, the resort’s hotel occupancy rate remains below its pre-pandemic levels.

In 2019, the Borgata’s 2,767 guestrooms were occupied about 82% of the time at an average nightly rate of $172. Last year, the casino’s guestrooms were occupied only 70% of the time at an average rate of $175.

Borgata President and COO Travis Lunn told Casino.org in March that the property must continue to improve and provide new amenities and experiences to guests. Lunn said the $55 million overhaul of the former Water Club into the MGM Tower is part of that ongoing mission.



[ad_2]

Source link

More articles

Latest article

Bu Wati Menang Rp150 Juta Saat Main Mahyong Ways 2 Di Subuh Buta Pak Surya Karyawan Toko Jatibarang Dapat Kejutan Multiplier Mahyong Ways 2 Ibu Lilis Desa Lohbener Bawa Pulang Rp222 Juta Berkat Simbol Emas Anak Muda Karangampel Tembus Jp Mahyong Ways 2 Saat Malam Minggu Bu Darmi Pedagang Pasar Di Bangodua Tiba Tiba Dapat Rp118 Juta Driver Ojek Sukagumiwang Beruntung Main Mahyong Ways 2 Jam Ganjil Guru Ngaji Di Kroya Dapat Rezeki Nomplok Lewat Mahyong Ways 2 Perajin Batik Dari Kertasemaya Mendadak Dapat Rp199 Juta Dari Mahyong Pak Ujang Pensiunan Sliyeg Dapat Keberuntungan Dari Mahyong Ways 2 Bu Rini Pkl Di Tukdana Senang Bukan Main Karena Mahyong Ways 2 Berkat Mahjong Ways 2 Bu Titin Dari Lohbener Dapat Rp198 Juta Main Jam Ganjil Pak Narto Karangampel Menang Besar Di Mahjong Ways 2 Bu Rukayah Kaget Lihat Saldo Naik Rp165 Juta Dari Mahjong Ways 2 Anak Warnet Juntinyuat Kena Hoki Subuh Main Mahjong Ways 2 Pns Desa Tukdana Curi Waktu Dini Hari Dan Menang Mahjong Ways 2 Simbol Emas Bikin Petani Pasekan Tersenyum Dapat Rp214 Juta Perempuan Pedagang Keliling Di Kroya Dapat Keberuntungan Dari Mahjong Ways 2 Kakek Asal Sliyeg Bisa Renovasi Rumah Berkat Mahjong Ways 2 Ibu Hamil Di Sukagumiwang Main Mahjong Ways 2 Dan Dapat Rezeki Pengantar Galon Balongan Bisa Beli Motor Baru Lewat Mahjong Ways 2 Maen Mahjong Ways Sambil Santai Di Rumah Dapat Hadiah Menanti Mengupas Keunikan Mahjong Wins Versi Modern Dari Cina Klasik Paduan Grafik Epik Dan Keberuntungan Di Game Mahjong Ways Perjalanan Menang Beruntun Dari Mahjong Wins Pemain Indonesia Alasan Mahjong Ways Lebih Disukai Daripada Game Lain Eksplorasi Fitur Rahasia Dalam Mahjong Wins Hanya Di Bom Jitu Keseruan Main Mahjong Ways Bersama Teman Satu Komunitas Tantangan Unik Game Mahjong Wins Dengan Reward Harian Coba Mahjong Ways Edisi Spesial Hanya Di Platform Bomjitu Game Mahjong Wins Bikin Healing Dan Bisa Bawa Hoki Besar Mahjong Ways Game Kuno Asia Paling Banyak Membawa Keberuntungan Tips Cerdas Menang Besar Di Mahjong Wins Versi Terbaru 2025 Strategi Terbaik Mahjong Ways Untuk Hasil Maksimal Setiap Hari Sensasi Mahjong Wins Dengan Fitur Ganda Yang Bikin Ketagihan Cara Main Mahjong Ways Bomjitu Dengan Metode Anti Gagal Mahir Mahjong Wins Dalam 7 Hari Panduan Dari Para Pro Player Temukan Kejutan Setiap Putaran Di Game Mahjong Ways Bom Jitu Review Lengkap Mahjong Wins Dengan Visual Dan Suara Memukau Maen Mahjong Ways Di Bomjitu Sambil Ngopi Dijamin Seru Kenapa Mahjong Wins Jadi Game Paling Dicari Di Tahun Ini