MGM Resorts International has appointed Niklas Rytterstrom as the new President and Chief Operating Officer (COO) of Borgata Hotel Casino & Spa in Atlantic City. The move signals confidence in a proven executive.
Rytterstrom, a 24-year veteran of MGM Resorts, will take the reins of the company’s East Coast flagship property, Borgata Online Casino, which also operates Borgata Online Casino for New Jersey players. He assumes the leadership role at Borgata AC after Travis Lunn announced his return to the company’s Las Vegas homeland to oversee operations at Mandalay Bay and Luxor.
Steve Zanella, President of MGM Resorts’ Atlantic City Operations, conveyed his trust in the leadership change. He said that Rytterstrom, who has an extensive background with MGM Resorts, will contribute valuable operational expertise and industry insight to the property.
The new COO’s exceptional leadership abilities and strategic foresight are expected to set Borgata apart in an increasingly challenging yet lucrative Atlantic City gambling market. In 2023, Atlantic City casinos and their online partners generated record revenues of $5.8 billion.
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An MGM Resorts Lifer
A hospitality lifer, Rytterstrom’s two-decade tenure at MGM Resorts traces back to 1999 when he joined as an Assistant Hotel Manager at the iconic Bellagio in Las Vegas shortly after graduating from UNLV with a hotel administration degree. This first role kicked off a well-rounded career journey that saw him tackle diverse challenges across multiple sectors of the company.
His first big break came in 2005 when he was promoted to Vice President of Hotel Operations at the luxurious Beau Rivage resort in Biloxi, Mississippi. He went on to oversee the entire Gulf Coast property for over six years.
Following that seasoning period, he transitioned to riverboat operations, serving as General Manager of the Gold Strike Casino in Tunica, Mississippi, from 2011 through 2014. It was here where his leadership helped the casino reach its highest market share for three consecutive years.
Las Vegas Called Again
Rytterstrom’s sterling track record paved the way for his return to the Las Vegas Strip in 2014 as President and COO of Luxor. He remained in that role for over three years before being appointed the same title at the Mirage in 2019.
Most recently, Rytterstrom assumed GM duties at the Cosmopolitan of Las Vegas. He helped ensure a smooth transition when MGM Resorts acquired the property for $1.63 billion in 2022.
Nik ascends to perhaps his most prestigious position yet as the head and COO of Borgata’s operations in Atlantic City. Following his appointment, he expressed his gratitude for the chance to start a new venture at Borgata and acknowledged the importance of the property in the Atlantic City community.
An Industry Leader on the East Coast
There’s no denying the massive importance of Borgata to MGM Resorts’ overall domestic operations outside of the Las Vegas market. The $1.1 billion casino megaresort opened in 2003 as a joint venture with Boyd Gaming before MGM bought out its partner’s 50% stake a decade later for $900 million.
Fast forward to today, and Borgata enters yet another new era as the crown jewel of the company’s recently separated operations group formed in the wake of MGM Growth Properties’ $17.2 billion sale to VICI Properties.
Under this new structure, VICI owns Borgata’s physical assets while leasing operations back to MGM Resorts, the original developer. The complex agreement underscores just how highly the global gaming/hospitality giant still values its prized Atlantic City destination.
Dominant Performance in New Jersey
And Borgata continues justifying that appreciation year after year by maintaining a stranglehold on the Atlantic City gaming industry since opening its doors two decades ago. According to the New Jersey Division of Gaming Enforcement, Borgata generated nearly $729.7 million in gross gaming revenue from its brick-and-mortar casino in 2022, accounting for over 26% of the nine-casino market’s total land-based win.
Remarkably, through the first three quarters of 2023, Borgata has already outperformed last year’s record pace. Its gross operating profit of $178.1 million is nearly double that of second-place Hard Rock at $97 million.
With its $55 million transformation of the Water Club tower into the new MGM Tower now in the rearview mirror, Borgata is reloaded with enhanced guest accommodations as it prepares for an expected busy summer under Rytterstrom’s leadership.
The new President and COO inherits a battle-tested asset that remains in an elite category alongside only a handful of other integrated East Coast casino resorts like Live! Casino Hotel in Maryland. His strategic vision and operational expertise will be put to the test when charting Borgata’s path forward amidst sustained high-stakes regional competition.
Industry Accolades for Rytterstrom
While the challenges are certainly imposing, Rytterstrom’s reputation suggests he’s more than up for the enormity of the task before him. The new Borgata boss was recently named one of the “Top 25 People to Watch in 2024” by the prestigious Global Gaming Business Magazine.
That national recognition speaks to the high esteem in which Rytterstrom is held across the hospitality field. MGM Resorts is banking on their veteran executive importing that sterling reputation to the East Coast as he settles into perhaps the defining leadership role of his prolific career.
Wrap Up
Borgata’s recent history has been filled with preserving its market dominance through changing landscapes ranging from intense regional competition to the aftermath of the COVID-19 pandemic’s casino shutdowns. Now, under new leadership with Niklas Rytterstrom, the iconic property enters its third decade with a razor-sharp focus on sustaining its elite status.
Rytterstrom takes over with an intimate understanding of both MGM Resorts’ culture as well as the specific dynamics influencing the modern Atlantic City gaming sphere. His wealth of experience spanning operations, client service, and strategic oversight seemingly makes him an ideal fit to uphold Borgata’s standard of excellence.
