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AC Changes Well Underway

Posted on December 20th, 2010

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Atlantic City has once been one of the largest gambling markets in the world–but all that has changed. The past few years have been both harsh and unmerciful for the gambling industry of the city. Casino owners now have to pool $30 Million in an effort to resuscitate its almost dead economy. A band made up of the Borgatta Hotel Casino and Spa, the Tropicana, Harrah’s Entertainment and Trump Entertainment Resorts is now dubbed as the Atlantic City Alliance. These hotels and casinos are famous destinations for gambling enthusiasts and while they may be competitors in the war for bringing in more customers, the pressing matter of saving the area is now bringing them together.

Republican Governor Chris Christie says that it could very well be the New Jersey’s Legislature’s Christmas gift to Atlantic City if they reach an agreement on implementations designed to help the once glorious city. Governor Christie is in high hopes that the “gift” will materialize in only the Legislature would give it a couple of days more before enjoying their Christmas vacation. But Democrats seems to be taking their time stating that they won’t soon be coming back for a vote. The bills will allow Atlantic City to have a state run tourism district which subsidizes start up horse breeders and will allow Internet betting on casino games. “We could resolve all these issues by Monday and give Atlantic City a Christmas present of certainty as to how they’re going to move forward. Put in just one more day of work.” Christie said.

The Budget Committee has already moved the horse racing bills and three gaming bills and will work on the issue until January just to make sure everything. But Governor Christie is adamant in his stance to deal with these matters now. Christie has big plans for the tourism district, a couple of which are still waiting for approval. These plans all aim to reinvigorate the area’s market. Many enacting series of reforms are included in a report to a special commission which studies the relevancy of casinos and horse betting in New Jersey. The Casino Reinvestment Development Authority would have almost all of the deciding power over the district. Final voting for both the houses would still have to happen before going in to Governor Christie’s office.

Everything from family friendly tourism activities like amusement parks, to a business zone for private investments, to road and traffic projects in the casino zone, would be under its care. Analysts believe that the key to revitalize the local economy is to focus on tourism. To do this, officials should focus on tourist attractions like the boardwalk and the casinos.

While some consider revitalizing Atlantic City as a very risky move, others see it as a wise political move. The whole proposal is backed by the democrats. Senate President Stephen Sweeney a member of The South Jersey coalition is all thumbs up in support for the Governor Christie’s plans.“I’m very happy the governor’s putting a plan out because Atlantic City is floundering, the tracks are struggling, there’s pressing issues around the state, this isn’t about a race — who can put his or her stamp of approval on a plan for gaming. It’s about what can we do collectively.” he points out. Other factors also contribute to Atlantic City’s economic suffering. One of its neighbouring states, Pennsylvania has made the decision to legalize table gaming such as poker, roulette and more which resulted in a huge revenue boost for the said state, but a loss in potential customers for New Jersey.

Governor Christie and state lawmakers have held three gambling summits and have put their heads together to make Atlantic City better than ever. They have invited casino executives, developers, union leaders and vendors, to get everybody’s side on the matter. Bills allowing internet betting on casinos have also made remarkable progress, a bill backed and funded by taxes from horse breeding and horse racing also advanced. The gambling industry is recently seen to have recovered from its slump since the start of the recession. The industry though, is far from safe. Legislators have to tread lightly in order to safely nudge the industry back on track—along with the rest of the local economy.