On February 1, 2011, Governor Chris Christie signed into law major legislation to remake the resort’s tourism and casino industries. The bills will create a state-run Tourism District in the city and ease casino regulations.
At the signing Christie also announced that The Revel casino project would have its financing and construction will begin with help from a state sales-tax reimbursement plan.
Christie said bipartisan support had gathered behind Revel’s success, and said that the troubled project was already becoming a favorable example of how to finish large-scale development in a bad economy.
Opening the casino, he said, would be “an extremely important psychological shift for the city.”
Gamblers who live in New York and Pennsylvania who want to do more than “sit in a room and gamble and stare at the wall” would soon give the resort a second look, Christie said.
Prior to the bill signing, the Revel Casino project received approval for a $261.4 million state tax reimbursement to help fill in funding gaps for the half-finished mega-resort.
The vote by the New Jersey Economic Development Authority comes as Revel is seeking $1.15 billion in private financing to complete the $2.8 billion project under a new ownership structure.
To read the full details of the signing of the Tourism district bill and Revel Casino financing refer to the article published in the Press of Atlantic City by clicking here.
Sherri Lilienfeld, Prudential Fox & Roach Realtors, 9218 Ventnor Avenue, Margate, NJ, (609) 287-1795 – cell, Sherri@NJ-ShoreRealEstate.com