Boyd Gaming, a major US hotel and casino operator, has grown its presence in New Jersey‘s profitable online gambling market by buying Resorts Digital, the online branch of Atlantic City’s Resorts Casino.
Boyd Gaming Strengthens Online Edge with Resorts Digital Purchase
The two companies closed the deal on September 1, 2024, as confirmed by Resorts’ president, Mark Giannantonio. Although the companies have not revealed the purchase price, this move shows Boyd Gaming’s commitment to strengthen its position in the competitive iGaming industry.
Resorts Digital has beaten its land-based counterpart’s performance. It has made over $573 million in revenue in the first eight months of 2024. On the other hand, the physical casino earned $109 million. What is more, Resorts Digital’s operating profit went up by 5.6% in the first half of the year. During the same time, the physical casino’s profits fell by 89%.
Boyd Gaming has bought ResortsCasino.com and MoheganSunCasino.com, two iGaming websites, along with an unused online betting identity also known as a sports betting “skin.” Despite this purchase, Resorts Digital will keep running under its current sports betting and online gambling licenses. This means it will continue its partnerships with big names like DraftKings, ESPN BET, and PokerStars.
Boyd Gaming’s Acquisition Aligns with Long-Term Online Growth Plans
Boyd Gaming sees this purchase as fitting with its long-term plan to grow its online gambling business. The company started Boyd Interactive, its digital arm, in 2021. Since then, it has been building up its online presence alongside its regular casinos. Boyd plans to use its size and resources to boost the success Resorts Digital has had over the last ten years in New Jersey, which is one of the top iGaming markets in the country.
In a statement, Boyd stressed how important this deal is saying it matches their aim to create a money-making connected iGaming business. The company used to work in the New Jersey market before selling its part of Borgata Casino to MGM Resorts in 2016.
People see Boyd’s latest step as a way to get back into the state adding to its current online gaming assets, like Stardust Casino, which runs in both New Jersey and Pennsylvania.
Even with new owners, Resorts Digital plans to keep pushing its online products and the brick-and-mortar Resorts Casino in Atlantic City. They will use a strategy that promotes both sides of the business to make each segment stronger.
