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Atlantic City Moves Forward on Boutique Casinos
ATLANTIC CITY, NEW JERSEY --
A state legislative committee gave approval this week to plans to let New Jersey gambling operators open up to four exclusive boutique hotel-casino resorts, with as few as 200 rooms. Previously, all casinos in Atlantic City were required to contain a minimum of 500 hotel rooms.
The Senate Government, Wagering, Tourism, and Historic Preservation Committee voted 5-0 in favor of the change to gambling regulations. Operators say the smaller hotels will allow greater efficiency while also aiding in targeting high-rollers.
"We owe it to the people of South Jersey to do everything we can to support this industry and maintain Atlantic City as the gaming capital of the Northeast," said state Senator James Whelan.
The bill has been introduced to the corresponding Assembly committee, but no vote has been scheduled yet.
If the new rules are passed, investment costs to complete casino projects will shrink drastically. Atlantic City already faces the abandonment of partially-completed gambling complexes whose completion costs became more than the market could bear, post recession.
The bill is opposed by existing casino operators, who say allowing smaller venues would lower standards in the Atlantic City gaming market. But Whelan asserted that gaming revenue is locked in a downward spiral, and doing nothing will not end the plummet.
Further, residents and businesses around the casino region are for the bill, hoping that new projects may spur employment and the economy.
"This legislation would help Atlantic City set itself apart from other gaming destinations by offering new attractions," said Mike Travostino of the Building Contractors Association.
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