ATLANTIC CITY, NJ – (Tuesday, October 17, 2017) – Today, the Board of the Casino Reinvestment Development Authority (CRDA) adopted a disciplined budget that furthers the mission of the CRDA. Strategic decisions to streamline operations and pursue new partnerships has enabled the Authority to continue its efforts to attract visitors and conventions with renewed funding for MeetAC at $7 million, keep the Tourism District safe and clean by supplementing the Special Improvement Division budget by nearly $5 million and affirm our commitment to the CRDA’s world-class venues, the Atlantic City Convention Center and Historic Boardwalk Hall.
“The Board is proud to adopt a budget that is not only responsible, but continues to deliver for the Tourism District and Atlantic City. This budget also maintains our commitment to MeetAC and enables the Special Improvement District to make sure that the Tourism District is safe and clean for our visitors,” said CRDA Chairman Robert Mulcahy.
Budget Highlights:
- Total Payroll & Expenses reduced by approximately $1.5 million, a nearly 15 percent reduction from 2017
- Anticipated increase in 2018 revenue of $1.1 million over 2017
- Funds MeetAC at $7 million
- Funds the Special Improvement District (SID) at $4.6 million
“This budget clearly demonstrates the CRDA’s commitment to the Tourism District and to this great destination city. By investing available funding in a wide-range of partnerships, CRDA will continue to be a key part of the momentum driving the renaissance of Atlantic City. We are excited for all the great things to come in 2018,” said CRDA Executive Director Chris Howard.
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About the CRDA:
The only agency of its kind nationwide, the CRDA has used Atlantic City casino reinvestments as a catalyst for meaningful, positive improvement in the lives of New Jersey residents since 1984. Under the 2011 Tourism District Act, the Authority’s mission evolved from statewide projects to becoming the state’s key economic development agency for Atlantic City. CRDA’s expanded responsibilities now include land use regulation, tourism marketing and clean and safe initiatives. The CRDA also oversees Historic Boardwalk Hall (the leading entertainment venue of its size in the country) and the Atlantic City Convention Center. In total, CRDA has invested nearly $2 billion in more than 400 projects statewide, of which $1.8 billion has been invested in Atlantic City, spurring business investments and expansions, and creating permanent jobs in the process. For more information about CRDA and our projects, visit www.njcrda.com. Follow us on Twitter at www.twitter.com/njcrda