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Atlantic City Transforming in 2008: Five New Hotel Towers and Expansions, Two Major
Retail Centers and Plans for a New York-Atlantic City Direct Train
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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.

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Contact:

Atlantic City Convention & Visitors Authority
www.atlanticcitynj.com
 

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Also See: Cape Advisors Inc. and Normandy Real Estate Partners L.L.C. Converting Two Old Atlantic City Hotels into the Chelsea -- the First Luxury, Nongaming Hotel on the Boardwalk Since the Early 1960s / January 2008
Donald Trump Says Trump Taj Mahal, Trump Plaza and Trump Marina Are Still for Sale; Big Obstacle in Finding a Buyer is the Company's $1.5 billion Debt, Even After a 2005 Chapter 11 Restructuring / October 2007
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