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Sunday, November 8, 2009

Atlantic City Newsfeed

Assorted news items related to Atlantic City.

Revel Seeks Improvements to Surrounding Area
Revel Entertainment Group, led by outspoken CEO Kevin DeSanctis, is pushing for a portion of its tax payments to fund improvements to the area around Absecon Inlet. The funds would, among other things, go toward repairs to the Boardwalk, improvements to the park surrounding Absecon Lighthouse, renovations to Garden Pier, and a variety of other projects that would improve the appearance of the area surrounding the future Revel casino. Approval would be required from the Atlantic City school board and Atlantic County, both of whom would have to forfeit a percentage of the revenue they would otherwise have received from the Revel casino

Local government officials realize that Revel is the only bright spot that the city can point do from a development perspective and Revel seems very much aware of the power they have right now. One could easily wonder why these proposed renovations have not taken place already, particularly if you have walked along the Boardwalk past the Showboat in recent years, but it appears Revel is taking advantage of how much the city needs them to push for the much-needed upgrades to their new neighborhood.
Revel wants $150 million in tax revenue to finance Atlantic City improvements

Casino Job Cuts Continue
With the summer season long gone, job cuts in the winter in Atlantic City are not unusual, though this article from the Press of Atlantic City notes that there are more than 3,000 fewer casino workers than the same time last year
Casinos cut 525 jobs as business slows down

Atlantic City Looks to Teacher's Convention for Boost
This year's NJEA teacher's convention was expected to bring a rare increase in visitors to and Atlantic City event and local merchants were eager for a boost during the normally quiet fall weekdays.
Teachers convention provides boost to local economy

Ohio Approves Casinos
Last week, Ohio voters approved casino gambling in their state, adding yet another competitor for Atlantic City in the gambling market. The impact of this will likely be less than competition in New York and Pennsylvania, however, as a much smaller percentage of customers come to Atlantic City from Ohio. It is difficult to find an exact number of visitors from Ohio, but if you look at the number of visitors who travel to Atlantic City by air compared with those who drive or arrive by bus (see Annual Visit-Trips to Atlantic City), then you get a rough idea how this may be the least of the town's worries right now.

Ohio Casino vote passes on strength near would-be casinos; a look at the vote
Ohio casino vote comes as supporters tout economic benefits; critics leery of job promises
Atlantic City's next threat could come from Ohio