Having already outlined plans to revitalise Atlantic City's casino industry at the end of last year, New Jersey Governor Chris Christie signed into law new legislation to allow for two new licences for smaller casinos.
The new law permits the development of two new properties with a minimum requirement of 200 rooms, rather than the 500 required under existing legislation.
The bill revises the state law to authorise the Casino Control Commission to issue casino licences for ‘small-scale’ and ‘staged’ casino facilities. A small-scale casino can remain at 200 rooms but a staged casino will be required to expand to a full-scale casino of more than 500 rooms within five years. The bill stipulates that of the two new licences, at least one will be for a staged casino. According to local media report, Hard Rock International is said to be interested in taking one of the licences.
"This bill will provide a boost to the engines of Atlantic City and the regional economy, bringing badly needed jobs to the area and signalling the re-emergence of world-class entertainment," Christie said. "While this is an important step in meeting our commitment to revitalise Atlantic City as a premier destination resort, we have more work to do in laying the foundation for growth in this critical area of our economy.
"I look forward to continuing to work with out partners in the legislature and Atlantic City to implement a comprehensive plan to bring the job creation, capital investment and regulatory reform needed to renew Atlantic City and Strength our economy."
In October, the Governor announced that the City of Atlantic City had agreed to state oversight of the city’s finances. The Casino Association of New jersey then announced the formation of the Atlantic City Alliance, representing a private sector commitment to devote at least $30m annually to promote the city a destination resort.
