Borgata Plans to be Among First to Launch Online Gambling in New Jersey
Borgata Hotel Casino & Spa in Atlantic City intends to be the first casino to offer real-money online gambling in New Jersey, executives for Borgata's parent company said during a quarterly earnings conference call on Wednesday.
Keith Smith, president and chief executive officer of Boyd Gaming Corp., said Borgata will "quickly introduce online wagering once New Jersey officials finish the regulations," according to a report by Press of Atlantic City. Smith didn't give any specific dates for a launch, but New Jersey regulators believe the online gambling market will open by Nov. 26, 2013.
“We intend to be among the first to offer online gambling in the state of New Jersey and are confident the Borgata brand will allow us to capture a substantial share of this lucrative market,” Smith said on Wednesday.
Borgata is owned by Marina District Development, a joint venture between Boyd Gaming and MGM Resorts International. While an online gaming partner hasn't been announced, it is likely Borgata would team up with bwin.party digital entertainment, which already teamed up with Boyd and MGM for real-money online poker in Nevada.
New Jersey legalized online gambling in February when Gov. Chris Christie ended a drawn out, two-year saga by signing a bill into law. New Jersey became the third state to authorize online poker behind Nevada and Delaware, and follows the latter as the only states to approve full casino-style online gambling.
Smith expressed his excitement about the emerging market and the potential of the company's online gaming strategy. “New Jersey and Nevada are now laying the regulatory groundwork for online gaming, and other states are considering legalization as well," he said.
According to New Jersey state treasurer Andrew Sidamon-Eristoff, online gambling could generate $1.2 billion in its first full year in the state, with state tax revenues reaching $180 million. However, many believe that number to be grossly exaggerated. Philadelphia-based consulting firm Econsult Corporation estimated New Jersey’s gross Internet revenue to be between $210 million and $250 million for the first year, according to Press of Atlantic City.
PokerStars also plans to launch real-money online poker in New Jersey. Read more about that in Thursday's article here at PokerNews.com.