Hard John Rock Atlantic Ocean City President Joe Lupo has been prescribed the unexampled leader of the Casino Association of New island of Jersey (CANJ).
Following Dame Ellen Terry Glebocki’s surprise resignation shoemaker's last month as CEO of Ocean Casino Resort and her role as CANJ president, the swap chemical group that represents Atlantic City’s ix casinos in the Trenton great has selected Lupo to top the organisation forward.
Lupo has 35 years of receive inward the US gaming industry. Prior to his reaching at Hard Rock inward Atlantic City, the gaming executive director served Hard Rock International as the chairperson of the Seminole Hard Rock Hotel & Casino inwards Tampa.
Lupo also previously worked for MGM Resorts and Boyd Gaming. The Hard John Rock AC hirer thanked his predecessor for her leadership during a most hard time.
The CANJ advocates on behalf of the Atlantic Ocean City casino manufacture “by supporting lawmaking and initiatives that progress the ongoing revitalization of Atlantic Ocean City into a world-class destination.”
Critical Time
COVID-19 is certainly non over, and the fiscal health of Atlantic Ocean City casinos re;main inward peril. Gross operating profits for the niner casinos tumbled 80 percent inward 2020 to just $117.5 million. Their collective clear revenue dropped 40 percent to $1.86 billion.
Gross operating profit, the New island of Jersey Division of Gaming Enforcement (DGE) explains, reflects earnings before interest, taxes, depreciation, amortization, affiliate charges, and other miscellaneous expenses as reflected on from each one gambling casino licensees’ income statement. It is a widely-accepted assess of profitability in the Atlantic City gaming industry.
One come out Lupo power channelise the CANJ towards is revising how cassino revenues are reported to the DGE. Currently, porcine gaming revenue (GGR) from iGaming and online sports betting is grouped into an Atlantic City casino’s tote up win.
Lupo points to the fact that often of the iGaming and online sports betting income is shared with a casino’s third-party interactive suppliers, and thence reduces its boilers suit merchantman line.
“We need to ensure the urban center revitalized, and it’s non going to materialize when the media is reporting increases when they add together inward online revenue that is going to third-party companies that don’t feature any stakes in the Atlantic Ocean City game,” Lupo said earliest this year.
“Why the numbers are non reported with to a greater extent transparency, I’ll ne'er know,” Lupo said to Casino.org in July.
Election Setback
Lupo’s designation as CANJ prexy came the same 24-hour interval New island of Jersey voters rejected an sweat by the industry to expand sports gaming in the state.
Yesterday, New island of Jersey voters said sports betting on college athletics inwards the country should remain off-limits. Sportsbooks will also remain prohibited from offering odds on college sports taking place elsewhere crosswise the country. That’s if the rivalry involves a New Jersey university.