It may be the ultimate competitive irony. Just as neighboring states and even Northern New Jersey expand their gaming options to compete with Atlantic City, the home of HBO’s award-winning Boardwalk Empire is looking to diversify its economy past its casinos in an effort to revive its long-flagging fortunes.
The Casino Reinvestment Development Authority’s Feb. 1 approval of a new master plan is the next step in a scheme to rejuvenate Atlantic City’s tourism district. In a sense, this plan could be the city’s last, best chance to reverse a decades-long decline, exacerbated by the recent recession.
“Frankly, we’ve been dealing with a rough economy, and then, in the past five years, competition from neighboring states,” says John Palmieri, executive director of the CRDA.
While Atlantic City was formerly perceived as competing with the lights of Las Vegas, it’s now facing threats from Pennsylvania and New York, as these adjoining states have seen increasing interest in the revenues generated by gaming…
To read more about Atlantic City’s attempt to revitalize itself, visit the February/March 2012 issue of Real Estate Forum.
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