New Jersey state lawmakers have been very aware for quite some time that they have needed to do something in order to restore the industry in regards to casino gambling within the ever-popular Atlantic City. In case you were unaware, Atlantic City has always been known as a very popular and prestigious city when it comes to gambling along the East Coast; however, Atlantic City was one area that felt a hard punch from the tough economic times.
They decided to put together a bill, which was proposed on Monday that would allow for four small casinos to be built within the city.
These casinos, or as some are calling them mini-casinos, would be smaller than the regular casinos that are currently within the city and 200 hotel rooms would have to be in existence. The current casinos were required to have a minimum of 500 hotel rooms, no less.
The following day, Tuesday, developers had already been able to create plans for the foundation and building of one the proposed four casino venues. It appears that a casino will be built in Atlantic City, the southern part along the Atlantic City boardwalk nonetheless, and would be built under the partnership of Och-Ziff Real Estate and Florida based Hard Rock International.
This specific “small” casino-hotel along the Atlantic City Boardwalk would cost around $300 million for full development. As said, it will be a casino and hotel although the hotel would not be anywhere near as large as the existing 11 casinos.
Atlantic City has been trying to rebuild their revenue in the past year but have been unable to do so 100% successfully and have found that is it very difficult. One of the main reasons it has been so difficult is because of competition from states surrounding New Jersey. They’ve been doing okay, but they are nowhere near where they were prior to the downward slump of the economy.
Pennsylvania remains to be the heaviest competitor of New Jersey’s as they have been able to expand their casino gambling industry significantly within the past year and this year, in 2010, successfully legalized the use of table games within the state’s casinos.
Will the new Hard Rock and other three mini-casinos be able to bring Atlantic City back and be able to create successful revenue from the casino gambling industry? We must wait and see if they can bounce back or not. We’ll try to update you when the casino is built.
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