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Beating the Odds: The Transformation of Atlantic County PowerPoint PPT Presentation


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Beating the Odds: The Transformation of Atlantic County. Robert Checchio Dyana Tanasy January 31, 2006. Objectives. Examine Atlantic City’s economic growth Compare Atlantic City to a successful Model Consider future obstacles to growth

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Beating the odds the transformation of atlantic county l.jpg

Beating the Odds:The Transformation ofAtlantic County

Robert Checchio

Dyana Tanasy

January 31, 2006


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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


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Outline

  • Atlantic City

  • Las Vegas

  • Key Differences

  • Proposed Solution

  • Transportation Issues

  • Issues to Resolve


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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


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Atlantic City – Gaming Comes In

  • Legislation introduced in 1976

  • Economic Impact

    • Gaming Revenue

    • Non-gaming Revenue


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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?


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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 1940s, and surged during the 1950s

Source: http://www.lvol.com/lvoleg/hist/lvhist.html


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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.


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Economic Impact - Gaming Revenue


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Gaming vs. Non-Gaming Revenue


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Visitors by Type


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Atlantic City – An Auto Destination


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Rooms Available

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


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Past and Planned Developments

  • The Borgata

  • The Walk

  • Showboat’s House of Blues

  • Tropicana’s “The Quarter”

  • Pier at Caesars


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Employment Levels – Last 14 Years

Source: http://www.economagic.com/blsmsa.htm


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Gaming Revenue Breakdown


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Competition Ahead

  • New York Racetrack Slot Machines

  • New York Indian Resort Casinos

  • Connecticut Indian Casinos

  • Delaware

  • West Virginia

  • Maryland (planned)

  • Pennsylvania (planned)

  • The Internet…


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Online Competition


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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


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Our Proposal:

XANADU SOUTH


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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


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Xanadu South Key Components

  • Lodging

  • Conference Centers

  • Restaurants

  • Family-focused Entertainment

  • Sports and Amusements


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Xanadu South Benefits

  • Jobs

  • Economic Development

  • Tax Revenue

  • Infrastructure Development


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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


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Xanadu South – Personal Travel

  • Based on the successful system in service since the 1970s in Morgantown, WV


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Xanadu South - PATCO Extension

  • Draw visitors from Philadelphia


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Xanadu South – Patco Extension


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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


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