| ATLANTIC CITY, N.J. - ATLANTIC CITY, N.J., March 24, 2008
- Contrary to the current nationwide economic downturn and real estate
decline, Atlantic City is experiencing a period of unprecedented growth
due to billions of dollars invested in new hotel, casino and retail developments
throughout 2008. The city that is "always turned on" is witness to five
new hotel towers and expansions, as well as extensions of two major retail
centers and plans for a much needed New York-Atlantic City direct train
service from NJ Transit.
"The boom in development reinforces the appeal of Atlantic City," said
Jeff Vasser, executive director of the Atlantic City Convention & Visitors
Authority. "In addition to being a hotspot for real estate investment,
we're also seeing a tremendous diversification of our attractions and amenities
here, including non-gaming amenities, such as dining, retail, spas and
entertainment."
2008 Developments
The Water Club, A Signature Hotel By Borgata
Investment: $400 million
The Water Club is its own hotel within the Borgata. The 43-story hotel
tower will house 800 rooms, 18,000 square feet of meeting space, six retail
shops, four swimming pools, and a two-story spa. The Water Club is expected
to debut in June 2008. www.TheBorgata.com
Harrah's Expansion
Investment: $550 million
In addition to the Waterfront, a new 47-story hotel tower that opened
March 2008, Harrah's expansion includes 172,000 square feet of dining,
retail and entertainment space. The Pool debuted in 2007 as a tropical
indoor oasis with a 90-foot glass dome over a 23,000-square-foot pool.
The expansion also includes an Elizabeth Arden Red Door Spa, new buffet,
seven retail outlets, a McCormick & Schmick's, and a food court featuring
local eateries with the new tower. www.Harrahs.com
The Chelsea
Investment: $93 million/$36 million purchase price
The Chelsea is a combination of two hotels being renovated to create
one upscale, boutique hotel with 338 rooms. It will feature dining by Stephen
Starr, and is expected to open in spring/summer 2008. www.thechelsea-ac.com
Taj Mahal Expansion
Investment: $250 million
The Taj Mahal expansion includes a new 786-room hotel tower and the
addition of Spice Road, a collection of shops and dining venues located
along a corridor above the casino. The new tower is expected to open in
fall 2008. www.TrumpTaj.com
Courtyard by Marriott
Investment: $8.4 million
The new Courtyard by Marriott will include 206 guest rooms, meeting
rooms, a workout room, a bar and on-site parking. The hotel is expected
to open on April 30, 2008. www.Marriott.com
The Pier Shops at Caesars
Investment: $175 million
An upscale retail and dining complex, The Pier Shops at Caesars partially
opened in July 2006 and continues to expand. The Pier Shops jut out over
the Atlantic Ocean providing guests with sweeping ocean, beach and Boardwalk
views of Atlantic City. More than 90 retailers and restaurants are included,
such as Apple, Louis Vuitton, Tiffany & Co., Burberry, Buddakan and
more. www.ThePierShopsatCaesars.com
Atlantic City Outlets: The Walk
Investment: $270 million
Developed by the Cordish Company, Atlantic City Outlets -- The Walk
initially opened in 2004 and now encompasses approximately eight blocks
in the heart of the city, with a 1,200-1,800 spot parking garage in its
future. The Walk is home to nearly 100 retail stores and restaurants, including
J. Crew, H&M, Banana Republic, Nautica, Nike, Coach, The Melting Pot
and Ruth's Chris Steakhouse. www.ACOutlets.com
Atlantic City - New York Direct Rail Service (ACES)
Investment: $3.8 million/year to operate (paid to NJ Transit)
A cooperative effort between NJ Transit, Borgata, Harrah's Entertainment
and New Jersey Casino Reinvestment Development Authority, ACES (Atlantic
City Express Services) is expected to begin operating Friday through Sunday
in fall 2008. ACES will provide direct rail transportation with one stop
between Atlantic City and Penn Station in New York City.
Boardwalk Facade Program
Investment: $100 million
Currently underway, The Boardwalk Facade Program is funded by the Casino
Reinvestment Development Authority and will update areas of the Boardwalk
with new storefronts and signage; five blocks are slated to have new facades
by Memorial Day 2008. The Facade Program aims to create a more upscale,
pleasing look throughout the length of the Boardwalk.
The Atlantic City Convention & Visitors Authority serves as the
destination's principal marketing arm, stimulating economic growth through
convention, business and leisure tourism development. The Authority oversees
the management of the Atlantic City Convention Center and Boardwalk Hall
on behalf of its parent agency, the New Jersey Sports and Exposition Authority.
The Authority is the first in New Jersey to achieve Destination Marketing
Accreditation by the Destination Marketing Association International. The
Authority is among an elite group of 47 accredited convention and visitor
bureaus throughout the United States. For complete Atlantic City information,
visit www.atlanticcitynj.com. |
