Update 5-5-16: Please see update below
Atlantic City’s Resorts Casino Hotel is planning on spending a hefty sum to renovate the hotel rooms located in the Ocean Tower. Last week, the casino took out a mortgage of $20 million on the property to make the necessary changes to update the guest space.
According to Mark Giannantonio, the CEO of Resorts, the casino has done quite well over the past couple of years. Two years ago, the venue had earned a profit of $2.5 million, which was the first time the property had seen a gross operating annual profit since 2008. For 2015, this number was up to a staggering $15.6 million.
For the renovations, around $11 million of the money will be used to renovate a portion of the hotel rooms. 144 guest rooms should be completed by Memorial Day. The renovations will include new windows, furniture and bathrooms in the guest rooms of the Ocean Tower. The complete revamp of the 400 guest rooms of Ocean Tower should be complete by 2017’s end.
Update 5-5-16: Resorts World issued a press release today announcing that room renovations will be completed in time for the summer season. The release follows –
ATLANTIC CITY, N.J. (May 5, 2016) – Resorts Casino Hotel, a Mohegan Sun Property, today announced they will be finalizing phase one of a larger room renovation project in its Ocean Tower by Memorial Day weekend. This renovation is the initial stage of the estimated $25 million overall project. In time for summer bookings to ramp up, the hotel rooms have been completely renovated with new bathrooms, furniture, windows, window treatments, wallpaper, carpet, artwork and linens.
Overall, since 2012, Resorts Casino Hotel has completed more than $100 million in renovations, which has proved to beneficially position the brand as a leader in Atlantic City. The hotel reported an increase of $17.8 million in net revenue or +13 percent with a gross operating profit of 15.6 million which is a +527 percent increase from the previous year.
Additionally, the new state of the art Convention Center which opened in August 2015 is showing immediate returns, driving a 30 percent increase in the booking pace compared to 2015. The $4.7 million multi-faceted convention space added 12,000 square feet of meeting space, encompassing a 6,500 sq ft Ballroom and 12 meeting rooms. The expansion brings the total meeting space to 64,000 sq ft with 24 meeting and event rooms, including four ballrooms and a multi-purpose showroom. The expansion resulted in a significant increase in meetings and convention business, as its high-tech meeting room offerings far surpass other Atlantic City options, and is now attracting group business that has traditionally booked outside of Atlantic City.
“Our recent financial success and economic turnaround can be attributed to our dedicated staff’s devotion to providing an unmatched guest experience, combined with continued investments into property renovations led by Atlantic City’s own, Morris Bailey,” said Mark Giannantonio, President & CEO at Resorts Casino Hotel. Morris, a New York Real Estate Developer and owner of the Resorts Casino Hotel, is determined to bring his home town back to its roots of being the East Coast’s premiere beachfront, boardwalk and tourist destination. Along with the management partnership with Mohegan Sun in 2012, Morris’s investment into Resorts Casino Hotel has played a significant role in its financial turnaround, reporting profitable earnings in both 2014 and 2015.
The addition of Jimmy Buffett’s Margaritaville and Landshark Bar & Grill Entertainment Complex, an estimated $35 million project, both represents the progress and commitment the brand is making to the town, while broadening the casino hotel’s appeal by providing added incentive for travelers to visit. Further, the exclusive new partnership with PokerStars, which launched in New Jersey in March, will likely contribute to the brand’s emergence as a frontrunner in Atlantic City, as well as New Jersey’s poker and online gaming market.