ATLANTIC CITY, NJ (November 17, 2020) – The Casino Reinvestment Development Authority (CRDA) Board of Directors approved several measures concerning the Tourism District including a public/private partnership with AC Development Company (AC DEVCO) for the Phase II development of Stockton University’s Atlantic City campus, Preliminary Determination of Project Eligibility (PDPE) for an Entrepreneurship Center aimed at creating opportunities for women and minority-owned businesses, and a PDPE of the Showboat Resort Hotel Entertainment Retail District.
The Showboat Resort Hotel Entertainment Retail District (ERD) components would include the construction of a new, state-of-the-art waterpark, a new family entertainment center, and a complete renovation of the existing Showboat Hotel Tower. Following the PDPE approval, a public hearing will be conducted and the Board will subsequently be presented with a request for final project approval.
“The CRDA believes the waterpark and family entertainment offerings will attract more local and regional visitors,” said CRDA Board Chairman Robert Mulcahy. “In addition, 617 new jobs in sales, management, operations, food service, construction, retail and other related positions will be created which will directly benefit the area’s joblessness and the local economy.”
The CRDA Board authorized a Preliminary Determination of Project Eligibility (PDPE) for the establishment of a women and minority-owned business Entrepreneurship Center in Atlantic City. Following this PDPE approval, a public hearing will be conducted and the Board will be presented with a request for final project approval after which a Request for Proposals will be issued by the Authority for a feasibility study for this center.
“The Atlantic City area currently has one of the highest unemployment rates in the United States, and the joblessness is particularly concentrated in minority communities,” said CRDA Executive Director Matt Doherty. “This project would work towards the goal of achieving a significantly greater rate of women and minority-owned business employment and entrepreneurship for those directly affected by the decline in the Atlantic City casino industry employment over the past several years.”
In other business today, the Board approved a public/private partnership with AC DEVCO and approved a fund reservation in an amount not to exceed $3.1M for a short-term loan related to predevelopment
activities for the Stockton University Island Campus Phase II Project. Phase II will create 50 construction and permanent jobs, bring an additional 400 students to Stockton University’s Atlantic City Campus, and advance educational opportunities in the region.
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About the Casino Reinvestment Development Authority
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, and follow us on Facebook and Twitter.
For complete Atlantic City tourism information, visit www.doatlanticcity.com and follow us on Facebook, Twitter, and Instagram.