The Board of the New Jersey Casino Reinvestment Development Authority (CRDA) recently approved two projects that will bring additional non-gaming investment to the Tourism District.
Harrah’s Resort Atlantic City received approval to invest investment alternative tax (IAT) obligations totaling $2,829,173 (inclusive of $1.49 million of unspent IAT funds from Harrah’s recently completed state of the art $132 million Conference Center Project, approved by the Authority the fall of 2012) towards the development of new non-gaming amenities, including a new health club and fitness facility, plus expanded first-class coffee and beverage options at its existing food court. These new amenities will support the Conference Center Project and help grow meeting and convention business in Atlantic City.
“We are pleased that our properties are committed to reinvesting significant dollars back into their establishments and adding exciting and meaningful non-gaming attractions that will continue to make Atlantic City a great, world-class entertainment destination,” said CRDA Executive Director John Palmieri.
Caesars Atlantic City, and its affiliated casinos, also received approval from the Board to invest IAT obligations totaling $4,272,617 for hotel room improvements at its Bally’s Atlantic City hotel property. This investment will support Bally’s and the CRDA’s efforts to attract tourists, visitors and conventioneers to the City.
“With growing investment by casino operators and non-gaming developers, positive things are happening in Atlantic City,” said CRDA Acting Chairman Robert Mulcahy. “The future is bright and we are going to keep going forward.”
The Board also authorized to reimburse Boardwalk Piers 4, LLC an amount not to exceed $174,378 towards the decommissioning of the former Artlantic Flex Field Project, located on Pacific Avenue between Dr. Martin Luther King Jr. Boulevard and Indiana Avenue. The seven-acre site will be utilized this summer as a temporary parking lot complete with 707 affordably-priced parking spaces, which will support the property owner’s nearby-planned development of an amusement park attraction, approved by the CRDA last year.
Lastly, the Board approved a contract between the CRDA’s Special Improvement Division and the County of Atlantic totaling $20,244. The deal will see the CRDA SID’s general maintenance team provide landscape maintenance and related grounds keeping at McClinton Park, located on New Hampshire Avenue between Melrose and Madison avenues in the north east inlet.
Board actions will take effect following the expiration of the Governor’s statutory review period.Related Articles: