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Beating the Odds: The Transformation of Atlantic County

Beating the Odds: The Transformation of Atlantic County. Robert Checchio Dyana Tanasy January 31, 2006. Objectives. Examine Atlantic City’s economic growth Compare Atlantic City to a successful Model Consider future obstacles to growth

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Beating the Odds: The Transformation of Atlantic County

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  1. Beating the Odds:The Transformation ofAtlantic County Robert Checchio Dyana Tanasy January 31, 2006

  2. Objectives • Examine Atlantic City’s economic growth • Compare Atlantic City to a successful Model • Consider future obstacles to growth • Present a strategy for growth and success for Atlantic County

  3. Outline • Atlantic City • Las Vegas • Key Differences • Proposed Solution • Transportation Issues • Issues to Resolve

  4. Atlantic City • Historic tourist location • Famous boardwalk • Home to Miss America, the Steel Pier, Lucy, and salt water taffy • Tourism declined after WW II

  5. Atlantic City – Gaming Comes In • Legislation introduced in 1976 • Economic Impact • Gaming Revenue • Non-gaming Revenue

  6. Atlantic City – Why not more? • Questions to be answered: • Why is Atlantic City not experiencing more robust economic growth? • Are there demographic factors? • Are there geographic factors? • Are there political/policy factors?

  7. Las Vegas, Nevada • City developed first as a rail stop in 1980 – first rails completed 1904 • Gambling was banned October 1, 1910 • Legalized gambling returned to Nevada during the Great Depression (1931) • Casino boom started in the 1940s, and surged during the 1950s Source: http://www.lvol.com/lvoleg/hist/lvhist.html

  8. Las Vegas – The Second Boom • The introduction of gaming in Atlantic City led to a second boom – the creation of the “mega-resort” • Hotel-casinos began the race to become full-blown destination resorts for travelers, vacationers, gamblers, conventioneers and all members of the family.

  9. Economic Impact - Gaming Revenue

  10. Gaming vs. Non-Gaming Revenue

  11. Visitors by Type

  12. Atlantic City – An Auto Destination

  13. Rooms Available Source: Las Vegas Convention and Visitors Authority, Atlantic City Convention Center Authority

  14. Past and Planned Developments • The Borgata • The Walk • Showboat’s House of Blues • Tropicana’s “The Quarter” • Pier at Caesars

  15. Employment Levels – Last 14 Years Source: http://www.economagic.com/blsmsa.htm

  16. Gaming Revenue Breakdown

  17. Competition Ahead • New York Racetrack Slot Machines • New York Indian Resort Casinos • Connecticut Indian Casinos • Delaware • West Virginia • Maryland (planned) • Pennsylvania (planned) • The Internet…

  18. Online Competition

  19. Key Differences • Fewer restrictions on gaming areas • Availability of land for expansion • Emphasis on (and growth of) non-gaming vs. gaming revenues • Flip-side: Nothing in Atlantic City except gaming • Atlantic City as a “daytime destination”, vs. Vegas as an “overnight destination” • Atlantic City more vulnerable to competition

  20. Our Proposal: XANADU SOUTH

  21. Xanadu as a Model • Model after Xanadu Meadowlands • Location: eastern Hamilton Township • Focus on growth of non-gaming revenue • Restaurant and Retail • Entertainment • Hotels • Goal: the “new” Atlantic County • Create a new overnight destination: a family-oriented entertainment center as an adjunct to the gaming district

  22. Xanadu South Key Components • Lodging • Conference Centers • Restaurants • Family-focused Entertainment • Sports and Amusements

  23. Xanadu South Benefits • Jobs • Economic Development • Tax Revenue • Infrastructure Development

  24. Xanadu South - Transportation • Eliminate the need for personal automobiles • Personal Rapid Transit connecting Xanadu-South to: • Atlantic City International Airport (ACY) • Atlantic City – “The Boardwalk” • Park-and-Ride Centers at appropriate locations at AC Airport and near the Garden State Parkway Atlantic City Expressway • Extend PATCO to Xanadu-South

  25. Xanadu South – Personal Travel • Based on the successful system in service since the 1970s in Morgantown, WV

  26. Xanadu South - PATCO Extension • Draw visitors from Philadelphia

  27. Xanadu South – Patco Extension

  28. Xanadu South – Issues • Legislative • Gaming currently restricted to Atlantic City (limits growth potential) • Environmental Concerns • Use Xanadu Meadowlands as the model • Financing • Casino revenues • Private developers

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