Posted on: March 26, 2024, 11:39h.
Last updated on: March 26, 2024, 11:46h.
MGM Resorts International has promoted one of its own to lead Borgata through its next chapter in Atlantic City.
MGM announced Monday that Niklas Rytterstrom is succeeding Travis Lunn in the role of Borgata president and chief operating officer. Lunn recently announced his return to Las Vegas to head up the operations of Mandalay Bay and Luxor.
Nik has a long history with MGM Resorts and brings a wealth of operational experience and industry knowledge to the property and Atlantic City,” said Steve Zanella, president of MGM Resorts Operations. “Nik’s strong leadership skills and strategic vision will continue to differentiate Borgata in a competitive landscape and enhance its position as a market leader.”
Opened in July 2003, the Marina District integrated resort was developed by MGM through a joint venture with Boyd Gaming. MGM bought out Boyd’s 50% stake in the property in 2016 for $900 million.
Vici Properties, the real estate investment trust controlled by MGM rival Caesars Entertainment, acquired the resort’s physical assets after it purchased MGM’s REIT, MGM Growth Properties, in 2022. MGM leases Borgata’s operations from Vici.
Promote From Within
After graduating from UNLV with a hotel administration degree, Rytterstrom joined MGM Resorts in 1999 as an assistant hotel manager at the Bellagio. He joined the executive ranks in 2005 when MGM moved him to Mississippi for the vice president of hotel operations position at the Beau Rivage where he led the Gulf Coast property for more than six years.
Rytterstrom next worked at the Gold Strike in Tunica as the riverboat’s general manager. After three and a half years there, he moved back to Las Vegas where he ran Luxor for over three years. He became president and COO of The Mirage in 2019 before a two-year stint at The Cosmopolitan.
His significant track record has Rytterstrom poised and ready for Borgata, unquestionably his biggest role yet.
“I’m honored to be embarking on this new journey at Borgata. This property is an integral part of the Atlantic City community, and I can’t wait to jump in and continue to help drive growth and success throughout not just this amazing city but New Jersey and surrounding regions,” Rytterstrom said.
Atlantic City Leader
One of its most important and profitable resorts outside of Las Vegas, Borgata has dominated the Atlantic City gaming industry nearly since it opened.
According to reports from the New Jersey Division of Gaming Enforcement (DGE), Borgata last year was again the top casino earner. Borgata’s brick-and-mortar casino generated gross gaming revenue of nearly $729.7 million or about 26% of the nine-casino market’s total land-based win.
Through three quarters of 2023, the most recently disclosed figures, Borgata reported a gross operating profit of $178.1 million. Hard Rock was a distant second with a $97 million profit.
Borgata finished a $55 million renovation last year that resulted in a rebranding of the Water Club to the MGM Tower. The project included updating all 700 guestrooms and suites.
