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Authority would seek to revive casino/entertainment district
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A state-appointed authority would take control of Atlantic City's casino and entertainment district and devise a block-by-block plan to revive the city as a beachfront resort with gambling, under a plan drawn up by a panel created by New Jersey Gov. Chris Christie. The authority – whose creation would have to be ratified by the state's legislature – would include county officials, industry leaders and university officials.
“I'm not somebody who goes to the idea of state takeovers of anything lightly,” said Gov. Christie in a story in The New York Times. “Atlantic City is dying. If anybody's got a better idea, come forward with it.”
The Times noted that Atlantic City's cadre of casinos has been battered in recent years by the advent of gambling at racetracks and other sites in Connecticut, Delaware, New York and Pennsylvania. As a result, Atlantic City casino revenue is down this year almost 30 percent from the same period in 2006, and the casinos have shed about 12,000 jobs since then. In the first quarter of this year, 7 of the 11 casinos in the city posted operating losses, the newspaper reported.
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