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Hearing to Seek Ways to Revive Atlantic City

State lawmakers are set to meet in Atlantic City for a special hearing on the resort’s future.

State lawmakers are set to meet in Atlantic City for a special hearing on the resort’s future.

As gambling revenue continues to decline, Atlantic City needs to come up with a new strategy to survive.

The hearing has been called by the Assembly Tourism and Arts Committee and major names from the state’s travel and tourism industries will attend.

Revel, which opened at the beginning of April and was expected to reverse Atlantic City’s fortunes, has performed well below expectations. The casino received over $300 million in state construction aide has asked lenders to double its credit line to $100 million in order to survive through to next year.

The hearing’s panel will listen to testimony from a number of people ranging from local residents to representatives of the Casino Reinvestment Development Authority on ways to improve tourism.

One possibility is an increased role for the arts. Lance Fung from Fung Collaboratives will be presenting at the hearing, Fung is working on turning a number of plots of land in Atlantic City into public art attractions.

A further aspect of the hearing will be a review on how well the new tourism district is performing and what more the state Legislature can do in order to help Atlantic City.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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