Making the News

WMGM - Atlantic City - NBC40

Originally Published:Monday, August 16, 2010
http://www.nbc40.net/news/14259/
Spectrum claims Governor Christie's plan, by 2021, could bring in $100 million a year.

Report Estimates How Much Governor Christie's lan Could Bring To A.C.

By Dan Carrigan
WMGM - Atlantic City - NBC40


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ATLANTIC CITY The announcement came last month. During a press conference Governor Christie outlined a plan that many referred to as an Atlantic City bailout. Since then the proposal has been a hot topic throughout the state. Now, with the future of the city and statewide gaming on the line many in South Jersey support the plan for Atlantic City.

"The basic concept is very outstanding if implemented through the next couple of years to really turn things around," said Israel Posner, Executive Director of Stockton Institute of Gaming Management.

The plan had many questioning just how much state funding could come the city's way. Linwood based Spectrum Gaming Group L.L.C. will publish a report later this week that estimates what the governor's plan could bring.

"Our estimate is that this plan will generate $100 million to the betterment of Atlantic City," said Mike Diamond, Vice President of Research for Spectrum Gaming Group.

Spectrum claims Governor Christie's plan, by 2021, could bring in $100 million a year. The study claims that the funds would come from consolidating gaming regulations, keeping casino reinvestment development authority money in the city and ending the horse racing subsidy. However, some believe it may not be enough. "I think we probably need to be in the neighborhood of 3,4, 500 million dollars relatively soon,' said Posner. He added, "I see it as a good beginning and its simply not going to take you over the finish line."

Experts agree there is a lot of work to be done. However, the study brings some hope for one struggling project. "There's some speculation that the plan itself could get an investor to come off the fence and finish off Revel," said Diamond.

Those at Spectrum believe that the governor's faith in Atlantic City will also attract visitors and conventions, but now say it's in the hands of state lawmakers. They add that it's a long road ahead.

Spectrum's report will be published in the gaming industry observer later this week.

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