"These are exciting times for Atlantic City, the state and the casino industry," McGreevey said at the event. "We are making smart, targeted investments that are leverage hundreds of millions of dollars in private investment that will allow the state to act as an economic engine in this city."
The numbers that Atlantic City can put on the table are impressive enough already. An estimated 33 million people visit this place every year, albeit most are day trippers who arrive by bus and don't stay overnight. Even so, when current projects are completed, the 13 casino hotels will total more than 11,000 rooms. Casino revenues pour over $300 million a year into programs for senior citizens and the disabled, and add another $50 million+ in redevelopment funds.
Under McGreevey's plan, transportation and infrastructure improvements will include bringing Delta Airlines into Atlantic City Airport with scheduled service. Airport operator South Jersey Transportation Authority would spend $2 million in facility improvements, and Delta's start-up investment is estimated at $12 million. Also, a light rail system will be studied, traffic circulation within Atlantic City will be altered, and the city will get more parking spaces.
Aesthetically, McGreevey's plan also calls for beach replenishment – the state has allocated $25 million for projects up and down the shore – the Casino Redevelopment Authority will spend $5 million for boardwalk upgrades, and neighborhood beautification projects will be implemented.
Finally, the plan calls for some changes in casino regulations, including streamlining the way casinos file their internal controls with the Casino Control Commission. Also on tap is legislative reform aimed at eliminating "unnecessary and redundant regulations," according to McGreevey. Finally, he aims to take the legislative approach to make this a 24-hour gaming town (currently, casinos have to shut down for six hours a day).
The Governor also took the occasion to preside over the opening of a new 452-key, 25-story hotel tower at Harrah's, a $200 million project, and to participate in the groundbreaking for the Cordish Co.'s new $60 million, 310,000-sf retail/entertainment complex called The Walk. Other current projects include The Quarter, a $225 million expansion of the Tropicana that will include 275,000 sf of retail, 500 guest rooms and 3,000 parking spaces. Also, developer Sheldon Golden is teaming with Park Place to redevelop the oceanfront Ocean One Mall, the former Million Dollar Pier, into an upscale retail property connected to Park Place's Caesar's Atlantic City by a skybridge. The latter's cost is estimated at $160 million.
As far as new casino/hotel properties, Mirage Resorts and Boyd Gaming are building the massive $1 billion Borgata in the city's Marina District, and a rival property is said to be in the works nearby.
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