As promised, I am following up on a very positive conference for the future of Atlantic City's growth. There were many very positive announcements given by many of the key players in Atlantic City. I wanted to highlight some of them most important points that I believe prove that the future is very bright not only for Atlantic City but also Brigantine!
- Rich Fields, CEO of Coastal Development, announced that they have secured their financing for the purchase of Trump Marina and are scheduled for a 1st quarter 2009 settlement for the new Margaritaville themed Casino!!!
- There are currently $15 billion worth of Casino Investments slated for Atlantic City, $5 billion more than previously stated!!!
- In the next 5 years the Atlantic City job market is projected to expand from the current 40,000 jobs to 80,000 jobs!
- The casino industry spends $2.5 billion for purchasing of goods and services locally. Every $1 billion equals roughly 20,000 jobs.
- Atlantic City is transforming form a 4 hour day-trip destination to a full fledged destination resort with projects like The Chelsea and Revel just the beginning
- The outside of Revel Casino will be fully finished in November of 2009!
- Tower 1 will be completed in Phase I, and Tower 2 will be completed after opening.
- Revel will contain 100,000 sq. ft. of gaming, 3 theaters, 18 restaurants, 75,000 sq. ft. of retail, 1 indoor and 5 outdoor pools, and 44,000 sq. ft. of "Revel Beach"
- Revel showed how planned Road Improvements will take visitors straight to its front door easier (This means easier access to Bella!)
- The Casinos will be working together to brand "Atlantic City" similar to how "Vegas" has branded itself.
- The city will start the process for making Atlantic and Pacific Avenues one way for smoother traffic flow.
- During Vegas' high period between 1989 and 2005 the Casinos Reinvested 20% of their gains into new structures and attractions while Atlantic City reinvested only 3%; The new developments in Atlantic City represent a 25% capital reinvestment over the next 10 years showing the dedication to transformation
- Atlantic City is building a new parking garage across from Angelo's scheduled to begin in 2009
- The Atlantic City Airport had a passenger increase of 35% in 2008 with an estimated 1.3 million passengers.
All of these items show the positive direction Atlantic City is headed in, and the commitment to growth that industry leaders are committed to. Many of the above announcements directly impact the North Beach area! If you are already an owner this is great news; and if you are not, maybe it's time to ask "WHY NOT!" The North Beach Area of Atlantic City promises to be one of the greatest turnaround stories of the decade, and this is your opportunity to get in on the ground floor! If you would like more information I would be more than happy to discuss this with you on an individual basis.
Comments(0)