Of all the timeshares in New Jersey, most of them are grouped around Atlantic City.
The logical reason is that, at the time when they were built, the timeshare resort owners placed casino gambling high on their list of things to do on vacation.
Recently, the profile of timeshare buyers in New Jersey has seen a dramatic shift: younger and more affluent. These new timeshare buyers are not as interested in casino gambling and are more interested in family activities and other things besides the casinos. In addition, casinos across the northeast have been drawing Atlantic City casino patrons away to other states.
So for a number of reasons the casino revenues have been cut in half over the last 9 years: from a little over $5 billion to $2.5 billion. As a direct result of those losses four casinos in Atlantic City closed in 2014 alone.
In response, New Jersey voters will be deciding on November 3 on whether or not to approve two new timeshare resorts to be built in Northern New Jersey. These would be providing better access to New York and multi room lodging that is far more affordable than Manhattan. Jersey City and the Meadowlands are two of the cities being considered for the new areas for casinos and timeshares.
If approved, and when built out, roughly half of the units in each project would be timeshares, and the other half would be hotel rooms.
So where would the profit be shared?
Part of the proposal includes the new casinos and resorts sharing their profits with Atlantic City and the resorts so that they can recondition and upgrade their facilities as well as the city.
That kind of legislation would be tough to compose and keep everyone happy. Fighting back and forth between politicians and bureaucrats has been going on over this issue for quite some time now and there seems to be no consensus over how to pull this off.
The fear is that if the casinos and resorts succeed in their new locations, it will put Atlantic City out of business – permanently. According to some, the revenue loss would cause all the timeshare resorts and casinos to go bankrupt.
Atlantic City timeshare resorts include Flagship Resort, Atlantic Palace, Wyndham Skyline Tower,Brigantine Beach Club, Marriott’s Fairway Villas, Avalon’s Beachcomber Resort, and LVC Brigantine Beach.
Bally’s, Borgata, Trump Taj Mahal, Caesar’s, Golden Nugget, Harrah’s, and Tropicana are some of the best known casinos in Atlantic City.
Both resorts and casinos have a long history and devoted following. The future?
It may start moving north after November 3, 2016.