Atlantic City recovering it seems?
Other good news has been broadcast in Atlantic City since there were stirrings about the Trump Taj Majal re-opening. Atlantic City recovering could become a reality.
Atlantic City was getting into dire straits. With five casinos closed the city was facing a $100 million budget deficit and a $500 million debt. Atlantic City was facing casino revenue disaster. It was also facing bankruptcy and was being taken over by the state for good measure.
The first ray of hope was the announcement the Hard Rock Casino were buying the closed and de-badged Taj Majal casino. The casino was purchased from from Carl Icahn who had recently closed it with the loss of thousands of jobs. It was partly due to an industrial dispute dragging it below profitable levels. The casino will be re-opened during 2018 by the Hard Rock Casino after a major refurbishment.
The next great thing to happen this week was the an announcement of a plan to construct a new water park on the site of the old Atlantic Club Casino Hotel. The casino had closed in 2014. The new scheme is expected is expected to cost $135,000 and to create 3,000 jobs.
A Casino Redevelopment Development Authority hopes that a new development plan announced this will will attract further non casino development. It is a long term plan to take away Atlantic City from being the has been casino oriented place it became. There are plans for cultural and other mixed use developments to enhance the area a a whole. Part of the plan is to make the planning process more streamlined and encourage more investment. There is plenty of space for expanding housing in the future. Atlantic City just needs a kick start to get it going.
The long running tax long running tax saga has also been settled with Borgata. The delay in settling this dispute had exacerbated the financial woes of Atlantic City itself. This had be a long running dispute requiring a stern resolution which, in the end was welcomed by all parties.
Perhaps the stage is finally set for Atlantic City recovering.
Source: Press of Atlantic City