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 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 ¨ Transportation Issues ¨ Issues to Resolve 3
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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
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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 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
Gaming vs. Non-Gaming Revenue 12
Visitors by Type 13
Atlantic City – An Auto Destination 14
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 Blues ¨ Tropicana’s “The Quarter” ¨ Pier at Caesars 16
Employment Levels – Last 14 Years Source: http: //www. economagic. com/blsmsa. htm 17
Gaming Revenue Breakdown 18
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
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
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 ¨ Sports and Amusements 24
Xanadu South Benefits ¨ Jobs ¨ Economic Development ¨ Tax Revenue ¨ Infrastructure Development 25
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 the 1970 s in Morgantown, WV 27
Xanadu South - PATCO Extension ¨ Draw visitors from Philadelphia 28
Xanadu South – Patco Extension 29
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
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