Yesterday New Jersey Governor Chris Christie announced that the administration of Atlantic City Mayor Lorenzo Langford has entered into a partnership with the State through the Department of Community Affairs (DCA). The agreement will allow Atlantic City to avoid a steep increase in property taxes, as the State and City collaborate on the creation of a revitalized tourism and casino district as part of a long-term economic development plan. The DCA’s Local Finance Board will permit Atlantic City to spread a $9.5 million operating deficit over five years, will reduce by nearly 80% the City’s original request for a property tax cap waiver, sparing City residents and businesses a significantly larger property tax increase.

“Atlantic City is at a crossroads where its revitalization and future as a resort destination are now taking shape,” Governor Christie said. “This is not the time, nor is it the right message to be sending, for Atlantic City to be imposing burdensome tax increases on its citizens and business community. We want to help Atlantic City through this difficult period, but we also want the city to improve and maximize its management and fiscal policies so it is best positioned for revitalization and long-term prosperity.”

The partnership between the State and City should pay dividends for taxpayers and is intended to help strengthen the number one job creators in the region – the casino and tourism industry. Earlier this year, Christie announced plans to set up a special casino and tourism district in Atlantic City overseen by the state. In July the report of the Governor’s Advisory Committee on New Jersey Gaming, Sports and Entertainment was published, outlining a recovery plan for the state. Many of the proposals, which include the creation of a new public-private partnership involving casino interests to market the resort, will require legislative approval.

Christie set a deadline of July 1, 2011, for creating a master plan for making Atlantic City ‘safe and clean’. He also called for reducing regulation by the Division of Gaming Enforcement and Casino Control Commission and criticised the Atlantic City government for wasteful spending that has hindered the resort in becoming a tourist destination and a desirable place to invest. Pulling no punches he commented, “Atlantic City has had a historically corrupt, ineffective, inefficient government. Those leaders had been riding the crest of the gaming wave when we had a monopoly. Now that Atlantic City faces competition from neighboring states we have to create a new wave.” (E-10.06.10)

© Copyright 2010 CasinoCompendium



>>> return to archives
>>> return to frontpage