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New Jersey Governor Chris Christie is looking to completely overhaul Atlantic City and have the state take control of the troubled gambling destination from local officials. The Governor is looking to transpose Atlantic City into a first rate beach/gambling resort city.
From the New York Times:
The governor is expected to propose that a state-appointed authority that would include county officials, industry leaders and university officials 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. Local government would lose virtually all control over the district.
“In Atlantic City, you have to revitalize the Boardwalk and the marina district and deal with the night life,” said the adviser, an executive who has been briefed on the governor’s proposals. “Turn it back into a brand that attracts people.”
Atlantic City has also come under increased pressure over recent years to compete with other nearby gambling destinations that have opened in both Pennsylvania and Connecticut.
Additionally, Christie is expected to propose leasing the Meadowlands racetrack to the Standardbred Breeders and Owners Association for $1 a year, or simply ending horse racing there and converting the building to an off-track betting hall.
Included in those plans would be the proposed sale of the adjacent Izod Arena and state financial assistance for the long-stalled Xanadu project.
Last week, Christie rejected an offer to support a lawsuit brought by a state senator and The Interactive Media Entertainment & Gaming Association, which looks to legalize online sports betting in the state and bring in estimated additional revenue in the billions.
Aaron Goldstein, Gambling911.com
