atlantic city legalized casino gambling in

The EDA issues bonds to provide financing at favorable interest rates for business ventures, and makes low-interest loans and guarantees loans made by private investors and lenders. The majority of its assistance is to small and mid-sized businesses. The New Jersey Economic Development Authority (EDA) offers a wide range of financial, real estate development, and technical services to encourage business development and growth in the state.

These agencies oversee casino re-investment funds, more than $100 million in city monies, and substantial luxury tax revenues. Items and goods produced: saltwater taffy, clothing, bottles and glassware, plastics, boats, paints, hosiery, baby carriages, reed furniture, chinaware, creamery and poultry products, fish and seafood Incentive Programs -New and Existing Businesses Local programsĪmong the public and private agencies assisting businesses in Atlantic City are the Atlantic City Department of Planning and Development, the Casino Re-Investment Development Authority, the Atlantic County Improvement Authority, Atlantic City Housing Authority and Urban Redevelopment Agency, the Atlantic City – New Jersey Coordinating Council, and Atlantic County and its agencies. Many of the goods produced are by-products of the convention/tourism trade. Non-casino industries in Atlantic City include services, retail trade, real estate development, distilling, and deep sea fishing. In addition, the Atlantic City Cape Community College features a Casino Career Institute, which has trained more than 46,000 students for employment in the gaming industry.Īlthough much of Atlantic City's economic development centers around the casinos, the local government has been pursuing its goal to diversify the economy through the development of themed restaurants, retail shopping, night clubs, museums, theaters, minor league baseball and other recreational attractions. A tax on casino gross revenue provides $300 million annually for state programs for seniors and the disabled. Since 1975, the casinos have funneled $7 billion back into the city's economy in addition to creating some 55,000 jobs.

Coupled with its famous beaches and boardwalk, Atlantic City's superb hotel accommodations annually draw nearly 5,000 conventions, trade shows, and meetings. Now one of the nation's top tourist attractions, the city boasts 13 gambling casino/hotels, which attracted 33 million visitors in 2004. The convention and tourism industry rebuilt Atlantic City's economy in the late 1980s and through the 1990s. Atlantic City: Economy Major Industries and Commercial Activity

Atlantic city legalized casino gambling in