Perhaps no casino was less expected to succeed than Ocean, the successor to the ill-fated Revel, which shut down in 2014 without ever having come close to turning a profit. In terms of total net revenue, Bokunewicz said Hard Rock and Ocean’s respective 17.5% and 13.4% market shares seem to have come primarily at the expense of the Borgata, which lost 9.2 percentage points in the last five years, down to 22.3%. Hard Rock and Ocean both hired executives from Borgata, and went after the luxury segment of the market, which Borgata has long dominated. Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling market, said Hard Rock and Ocean have helped grow the overall market, even as individual properties lost share to them. But those revenue streams must be shared with other parties like sports books and tech platforms, and are not solely for the casinos to keep.
When internet and sports betting money is included, Golden Nugget ranked second, due to a strong online operation.
Hard Rock was second at $492 million, and Ocean was third at $356 million.
Last year, in terms of money won from in-person gamblers, the Borgata won over $724 million. What happened is that the two newest casinos have become among the most successful in town.
