The casino industry in Atlantic City is likely to expand after the board of reinvestment that is responsible for the oversight of revitalization of AC allocated a considerable amount of resources that will see more gaming resorts built in the future.
Now, many visitors who check in to Margaritaville in Atlantic City will have a reason to smile after the board decided to fund the project. If the decision is what many residents would believe, the city will reap thus making real money casino wagering sites a solid source of revenue for the city.
It is barely six years when Chris Christie, the Governor signed a law that allowed Tourism District. Since 2011, CRDA has been working hard to make AC a place many gamers would come to enjoy their favorite sport.
Now, the authority is more convinced to transform Atlantic City into becoming what many call a gaming hub thanks to CRDA’s new strategy of investing in various projects whose aim is to ensure that gambling is protected in Atlantic City.
A recent study carried out by an Atlantic City Press found out that in the last 30 years or so, the authority has used over $452 million in aid of projects that support casinos not necessarily on a gaming capacity.
It was recently when CRDA gave $13 million with the intent to build or help in the building of Resort’s Margaritaville restaurant. Additionally, it gave Harrah’s Waterfront and Conference Center $46 million. Check out this article to see how Atlantic City Casinos Record A 3 Percent Rise In November 2016.
It is surprising how CRDA has quickly switched to the reinvestment of gaming compared with what it initially started with. For instance, a couple of years before 1986, CRDA was focused on projects that supported urban revitalization. Then, the board centered its support in community development, infrastructure, and public housing.
However, since the introduction of Tourism District, much of the board’s funding has been directed to casino development with only 51% left for the three other sectors that the board immensely supported in the past.
The most difficult task that lies ahead for the board is to try and transform the city whose revenue from casinos has dropped over the years.
Just 10 years ago in 2006, revenue from casinos in Atlantic City New Jersey was $5.2 billion. At the end of 2016, revenue collected from all casinos in Atlantic City was only $2.6 billion. “How will the board be able to realize that loss?” many people in the city ask.
However, CRDA is optimistic that it will realize its mission no matter what.
A section of the people feel that the board’s priorities are misplaced, a feeling James Kennedy, CRDA’s Executive Director quickly refutes.
Kennedy observes that the millions of dollars given to casinos in form of grants is to help them rebuild, reinvest and revitalize their complexes. In turn, the casino industry in Atlantic City will grow.