CRDA approves budgets for 2020
CRDA, the Atlantic City authority, has approved the operating budgets for 2020, which increased by 14% to US$7.13 million.
US.- The Casino Reinvestment Development Authority (CRDA) met on Tuesday and approved the operating budgets for 2020. All budgets are subject to the Governor’s Office review and can be vetoed.
The CRDA approved operating budgets for Meet AC, the Convention Center Division and the Special Improvement Division (SID). The CRDA’s own budget rose 14% to US$7.13 million, and salty and employee benefits will see most of the improvements, Press of Atlantic City reported.
Approximately US$6.47 million of the CRDA budget will cover the operating costs of SID, while the other US$1.3 million comes from taxes levied on Tourism District properties, the outlet said. Meet AC’s budget for 2020 will have US$10.3 million, and US$10.1 million will come from the CRDA.
The Convention Center’s operating subsidy rises to US$12.7 million, and revenues for 2020 from the centre and the Jim Whelan Boardwalk Hall are likely to be US$4.8 million, a small increase from 2019 due to sports betting taxes.
Atlantic City to review casino regulations
Atlantic City could soon update its casino regulations and Jim Johnson, former special counsel to Gov. Phil Murphy made his pitch to a state Assembly committee. Johnson spoke before the Assembly Tourism, Gaming and the Arts Committee. He did so with Catherine Brennan, deputy treasurer of the state Department of the Treasury, and William Irving of Rutgers University’s Economic Advisory Service, and all three will continue to testify.
Johnson has suggested a cap on the number of casino licenses. The idea received support from several lawmakers. “The trendlines suggest things are going to be down,” as new casinos continue to open in neighbouring states, he said. “The Atlantic City casino industry is vulnerable to challenges from within, and competition from outside the state. The data is really stark.”
