Atlantic City official seeks rescue plan for Sheraton hotel
A Casino Reinvestment Development Authority board member wants state backing to explore options for keeping the Sheraton Atlantic City Convention Center Hotel open.
U.S.- The Sheraton Atlantic City Convention Center Hotel could shut in December, pushing the Casino Reinvestment Development Authority (CRDA) to look for ways to keep the property running. CRDA board member Frank Formica said Tuesday the agency should ask New Jersey officials for authorisation to bring public and private stakeholders together to examine possible solutions.
“If this closes, we’re done as far as conventions are concerned,” Formica said, calling the hotel essential to Atlantic City’s convention business.
Owner LINY Investor LLC has warned it may be forced to close the 502-room property if it doesn’t receive tax incentives through the New Jersey Economic Development Authority’s ASPIRE programme. The company has already filed WARN notices signalling that 91 employees could lose their jobs on December 25.
LINY is pursuing a redevelopment that would convert roughly half of the hotel’s rooms into senior housing, a project the owners say cannot proceed without the tax credit. Casino and tourism industry representatives have pushed back, citing concerns over losing hotel capacity so close to the Atlantic City Convention Center. LINY CEO Christopher Barr says the 27-year-old hotel has faced financial strain for years and has never undergone a major renovation.
