At its monthly Board Meeting today, the Casino Reinvestment Development Authority Board of Directors approved 2019 budgets for Meet AC, the Convention Center Division and CRDA operations.
The CRDA 2019 budget contains increased investments in Atlantic City directly in line with Governor Murphy’s vision for a new prosperity for the resort as outlined in the Johnson Report.
- Funding the Atlantic City Project Office which will coordinate and execute the new initiatives for and investments in Atlantic City
- Continuing the safe and clean investments through the Special Improvement District
- Investing in a new streetscape for the revitalizing Tennessee Avenue neighborhood to continue to attract private investment
- Allocating funding for destination leisure marketing initiatives
A rise in revenue will also allow for an increase in the Meet AC budget, the CRDA funded organization charged with attracting conventions and business meetings to the resort. The nearly $8 million investment in marketing and selling Atlantic City to conventions generates a dramatic return on investment for the City.
“The budget actions we are taking reflect sound business practices and a commitment to fulfilling Governor Murphy’s vision for a new prosperity in Atlantic City,” stated CRDA Chairman Robert Mulcahy. “The CRDA and State are delivering on quality of life improvements while also encouraging greater private investment”.
“Keeping the CRDA on firm financial foundation allows us to continue to fund meaningful community projects while engaging potential new investors in attractions and events,” added CRDA Executive Director Matthew Doherty.
About the CRDA:
The only agency of its kind nationwide, the CRDA has used Atlantic City casino reinvestments as a catalyst for meaningful, positive improvement in the lives of New Jersey residents since 1984. Under the 2011 Tourism District Act, the Authority's mission evolved from statewide projects to becoming the state's key economic development agency for Atlantic City. CRDA's expanded responsibilities now include land use regulation, tourism marketing and clean and safe initiatives. The CRDA also oversees Historic Boardwalk Hall (the leading entertainment venue of its size in the country) and the Atlantic City Convention Center. In total, CRDA has invested nearly $2 billion in more than 400 projects statewide, of which $1.8 billion has been invested in Atlantic City, spurring business investments and expansions, and creating permanent jobs in the process. For more information about CRDA and our projects, visit www.njcrda.com. Follow us on Facebook at Facebook.com/njcrda