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Casino Industry Creates New Alliance for Atlantic City Rehabilitation

Posted on October 23rd, 2010

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Since July, plans of New Jersey creating a state-linked super organization to oversee the entire casino-run economy of Atlantic City were released to the public. Since then, all sectors of the city have been jockeying for position. The casino industry though will be in tow to represent the entire private sector in the organization. The organization that aims to overhaul the tourism industry of Atlantic City will allegedly have the private sector represented by a new organization run by the casino sector. As of press time, four casino companies have already pledged that they are earmarking a total of $30 million every year to the project spearheaded by the governor.

It was on Thursday when the casinos made the announcement that they are going to create a non-profit organization to be called the Atlantic City Alliance. With the announcement came their commitment of $30 million that will be used for the funding of a new marketing scheme for the city. The fund will also be used to make and realize a master plan for the proposed tourism in the area. The funding currently proposed by the alliance used to be the money that went to the horse racing industry of the state which used it in its racing subsidies every year. The Atlantic City Alliance, during its announcement, boosted members including representatives from Trump Entertainment Resorts Harrah’s Entertainment, Tropicana Atlantic City Corp and Borgata Hotel Casino & Spa. Two other members have already been enlisted to join the group, but did not send representatives for the announcement.

The organization also said that it expects to be donating even more money brought by savings that may arise from possible reforms in casino regulations. However, the representatives did not yet discuss what those cost-saving reforms would be or the amount of money they are expecting to save from these possible changes. Mark Juliano, outgoing CEO of Trump, which is one of six members of the new alliance, said, “This is the private part of that public-private relationship.”. He added that the alliance’s board members were decided by executives of the first four casino companies in cooperation with the Governor’s Office. Included as board members include Juliano, Gary Loveman (CEO) and Don Marrandino (President) of Harrah’s; Keith Smith, Boyd Gaming president and CEO (Boyd Gaming owns Borgata); Bob Boughner, president and COO of Borgata; and Mark Giannantonio, president and CEO of Tropicana.

The plan of the governor to create an organization that would reinvigorate Atlantic City required the body to perform a multitude of tasks. Included in the planned responsiblities of the organization would be the improvement of the city’s cleanliness, development, marketing and safety. The governor has envisioned for the efforts to be headed by a partnership between the public and private sectors. With the casinos uniting for the alliance, it also has plans to attract more conventions to the city and varying the city’s tourism industry to include nongaming and other attractions. Governor Christie has gotten wind of the casinos’ commitment, and referred to it as a way for the private sector of Atlantic City to express their vote of confidence on his proposal. The governor added that as the city is currently in the crossroads, the stakes are very high. He is pleased that the casino industry is recognizing how important the proposal of his administration is. He added, “Through continued cooperation with the Legislature, local officials, business and industry, and partnerships like this, my administration is moving forward to secure Atlantic City’s place as a premier vacation destination that is safe, welcoming and prosperous.”

As for the public sector’s participation in Christie’s plan, the state legislature is already drafting a bill that would institutionalize its role, which will most likely be linked to the Casino Reinvestment Development Authority. Other groups to represent the public sector interest that may be absorbed by this umbrella organization are the Atlantic City Convention and Visitors Authority and the Special Improvement District of Atlantic City.