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

Objectives ¨ Examine Atlantic City’s economic growth ¨ Compare Atlantic City to a successful 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 2

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

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Atlantic City ¨ Historic tourist location ¨ Famous boardwalk ¨ Home to Miss America, 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 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 – 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

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Las Vegas, Nevada ¨ City developed first as a rail stop in 1980 – 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 1940 s, and surged during the 1950 s Source: http: //www. lvol. com/lvoleg/hist/lvhist. html 9

Las Vegas – The Second Boom ¨ The introduction of gaming in Atlantic City 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. 10

Economic Impact - Gaming Revenue 11 Economic Impact - Gaming Revenue 11

Gaming vs. Non-Gaming Revenue 12 Gaming vs. Non-Gaming Revenue 12

Visitors by Type 13 Visitors by Type 13

Atlantic City – An Auto Destination 14 Atlantic City – An Auto Destination 14

Rooms Available Source: Las Vegas Convention and Visitors Authority, Atlantic City Convention Center Authority Rooms Available Source: Las Vegas Convention and Visitors Authority, Atlantic City Convention Center Authority 15

Past and Planned Developments ¨ The Borgata ¨ The Walk ¨ Showboat’s House of Past and Planned Developments ¨ The Borgata ¨ The Walk ¨ Showboat’s House of Blues ¨ Tropicana’s “The Quarter” ¨ Pier at Caesars 16

Employment Levels – Last 14 Years Source: http: //www. economagic. com/blsmsa. htm 17 Employment Levels – Last 14 Years Source: http: //www. economagic. com/blsmsa. htm 17

Gaming Revenue Breakdown 18 Gaming Revenue Breakdown 18

Competition Ahead ¨ New York Racetrack Slot Machines ¨ New York Indian Resort Casinos Competition Ahead ¨ New York Racetrack Slot Machines ¨ New York Indian Resort Casinos ¨ Connecticut Indian Casinos ¨ Delaware ¨ West Virginia ¨ Maryland (planned) ¨ Pennsylvania (planned) ¨ The Internet… 19

Online Competition 20 Online Competition 20

Key Differences ¨ Fewer restrictions on gaming areas ¨ Availability of land for expansion 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 21

Our Proposal: XANADU SOUTH 22 Our Proposal: XANADU SOUTH 22

Xanadu as a Model ¨ Model after Xanadu Meadowlands ¨ Location: eastern Hamilton Township 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 23

Xanadu South Key Components ¨ Lodging ¨ Conference Centers ¨ Restaurants ¨ Family-focused Entertainment Xanadu South Key Components ¨ Lodging ¨ Conference Centers ¨ Restaurants ¨ Family-focused Entertainment ¨ Sports and Amusements 24

Xanadu South Benefits ¨ Jobs ¨ Economic Development ¨ Tax Revenue ¨ Infrastructure Development Xanadu South Benefits ¨ Jobs ¨ Economic Development ¨ Tax Revenue ¨ Infrastructure Development 25

Xanadu South - Transportation ¨ Eliminate the need for personal automobiles ¨ Personal Rapid 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 26

Xanadu South – Personal Travel ¨ Based on the successful system in service since Xanadu South – Personal Travel ¨ Based on the successful system in service since the 1970 s in Morgantown, WV 27

Xanadu South - PATCO Extension ¨ Draw visitors from Philadelphia 28 Xanadu South - PATCO Extension ¨ Draw visitors from Philadelphia 28

Xanadu South – Patco Extension 29 Xanadu South – Patco Extension 29

Xanadu South – Issues ¨ Legislative – Gaming currently restricted to Atlantic City (limits 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 30