The essential state takeover of all tourism and gambling operations in Atlantic City has been largely viewed as a positive move by local officials, business owners and residents.
New Jersey Gov. Chris Christie officially announced the recommendations of a state advisory panel on how to fix the broken seaside resort during a press conference Wednesday afternoon.
"If we don't take steps now, we will not be the ones who presided over its decline, we'll be the ones who presided over its death," Gov. Christie said.
Under the plan, the state legislature would create a Trenton-controlled tourism district in the resort by next July. That district would then draft a master plan that would include improvement to traffic and public safety and introduce new attractions including casinos, resorts and family amusements.
The state would also bar other parts of the state from installing slot machines at racetracks and will expect a 30-percent increase in convention traffic.
"What I believe in state involvement and partnership will do in Atlantic City is to be able to provide a business atmosphere and an circumstance that will entice people to come in and commit billions of dollars in capital," Gov. Christie said.
More than $3 billion in taxes and revenue from businesses is generated by the town's casino industry. But there've been sharp declines in spending over the past two years as gambling operations in Pennsylvania and Delaware heat up.
Officials say revenues have dropped more than 25-percent as tourism-related jobs in the city fell from 50,000 to 38,000.
"You've gotta develop Atlantic City into a destination resort and promote it properly and effectively," Gaming Expert Mike Diamond said.
Such a major takeover can be viewed as a political power move, but many of the stakeholders affected say they welcome any change that'll move things forward.
"What I heard was a theme of collaboration, cooperation and partnership. That is very encouraging," said Atlantic City Mayor Lorenzo Langford.
Also encouraging is the fact that casino reassessment funding that previously was sent statewide will stay exclusively in Atlantic City.
"It's great to see the governor showing such an interest in Atlantic City," AC Chamber of Commerce President Joe Kelly said.
The takeover isn't a done deal yet, though. The changes need to be approved by the state legislature in the coming fall.
