Atlantic City, NJ – In a surprising move, Resorts Casino Hotel has announced the sale of its highly profitable online gaming business to an undisclosed buyer. The deal, which is estimated to be worth millions of dollars, has sent shockwaves through the gambling industry and left many wondering about the future of online gaming in New Jersey.
Resorts Casino Hotel, which has been a staple of the Atlantic City skyline for decades, has been a major player in the online gaming market since the legalization of online gambling in New Jersey in 2013. The casino’s online gaming business, which includes popular casino games such as slots, blackjack, and poker, has been a major source of revenue for the company and has helped to offset losses from its brick-and-mortar operations.
The decision to sell the online gaming business comes as a surprise to many, especially considering the recent success of Resorts Casino Hotel’s online operations. In 2020 alone, the casino reported record profits from its online gaming business, thanks in part to the closure of its physical casino due to the COVID-19 pandemic. The decision to sell the business has left many wondering why the casino would give up such a lucrative source of income.
According to a statement released by Resorts Casino Hotel, the decision to sell the online gaming business was made in order to focus on the company’s core brick-and-mortar operations. The statement also cited the increasing competition in the online gaming market as a factor in the decision, noting that the sale will allow the company to redirect its resources toward improving its physical casino and hotel offerings.
Industry analysts have speculated that the sale of Resorts Casino Hotel’s online gaming business could be a sign of things to come in the online gaming industry. With more and more states legalizing online gambling, competition in the market is expected to intensify, leading to more consolidation and possibly more sales of online gaming businesses by traditional casinos.
For now, the identity of the buyer of Resorts Casino Hotel’s online gaming business remains a mystery. Some analysts have speculated that a major online gaming operator, such as DraftKings or FanDuel, could be behind the acquisition, looking to expand their presence in the New Jersey market. Others have suggested that a private equity firm or even a foreign gaming company could be the buyer.
As Resorts Casino Hotel prepares to hand over its online gaming business to the new owner, many in the industry will be watching closely to see how the sale will impact the New Jersey online gaming market. Will the sale lead to more consolidation in the industry, or will it open the door for new players to enter the market? Only time will tell.