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Ocean Casino Resort unveiled a new high limit slot room this week, adding another offering to an expanding property.
The opening of The Cove, “demonstrates Ocean Casino Resort’s commitment to offering its guests the most exciting gaming experience in Atlantic City,” according to a company press release.
“It is so exciting to be able to offer this high limit slot experience for our guests,” said Terry Glebocki, CEO of Ocean. “We could not be happier with the results, as we welcome this latest addition to our growing property.”
The Cove has more than 140 slot machines within the 7,450-square-foot space. The high-limit room features a combination of classic and new slots, featuring titles such as:
- Lightning Cash
- Dragon Cash
- Dollar Storm
- Wheel of Fortune
- Jeopardy
The high rollers’ space has a dedicated cocktail service with an “enhanced beverage selection.” It also has its own restrooms and cashier cage.
The Cove is located near Wahlburgers and Zhen Bang Noodle & Sushi, just steps away from the hotel elevators.
Here’s a look inside:
Ocean making waves in Atlantic City
The opening of a new high limit slot room at Ocean is notable for a couple of reasons.
For one, the casino began construction of the space even as the coronavirus pandemic and government restrictions stunted revenues in the Atlantic City market.
But Ocean has stood out among its Atlantic City casino competitors in 2020. Ocean has posted year-over-year increases in casino win (revenue from table games and slot machines) in four of the last five months. In the eight months the city’s nine casinos have been operational (even partially) in 2020, Ocean has reported year-over-year increases in casino win six times. Hard Rock Hotel & Casino Atlantic City increased casino win in four monthly reporting periods. Three other properties — Borgata Hotel Casino & Spa, Golden Nugget Atlantic City and Harrah’s Resort Atlantic City — did it twice. Caesars Atlantic City reported an increase in casino win in February.
Secondly, it demonstrates the property’s fiscal flexibility.
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Ocean is the only brick-and-mortar Atlantic City casino to report an increase in year-over-year gross operating profits (GOP) in 2020. Through the first three quarters of this year, Ocean’s GOP is up nearly 575%. The casino posted a $2.5 million operating loss through September last year, while reporting a $12 million profit through the same period this year.
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Those profit numbers alone do not take into account a variety of factors (i.e., higher costs incurred by certain properties during the shut down, capital projects impacted by the pandemic, etc.) that have affected operators this year. But, they do suggest that Ocean’s strategy is paying off.
Take Luxor’s word to the bank
Lastly, the opening of the new high limit slot room at Ocean is a clear signal that the property’s ownership is following through on its financial commitments. New York City-based Luxor Capital Group took control of Ocean at the beginning of 2019 and promised a slew of capital investments.
Before the pandemic, Luxor put more than $70 million into Ocean. Much of that investment went toward paying down debt obligations.
Some of the planned capital expenditures, such as an elevator bank connecting the casino floor to the hotel, The District food court and The Cove, are done. Others, such as the completion of 12 unfinished floors of hotel rooms, are pending.
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Online casino presents opening for Ocean to grow even more
The one area of opportunity for Ocean is online gaming. Ocean online casino lags behind the rest of the Atlantic City market and their online gaming partners in terms of revenue. Through November, Ocean has reported slightly more than $9 million in online gambling revenue, dead last in New Jersey.
The next closest casino, Hard Rock online casino, reported nearly $54 million from internet gaming over the same period.