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Casinos Invest in Atlantic City Boardwalk10 April 2003ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "The Boardwalk has always been the defining attraction for the resort, but in recent years it has been criticized as being home to nothing more than T-shirt shops and dollar stores. "That era of the Boardwalk's history may be drawing to a close. "Several casino and retail companies are investing in Boardwalk properties and if those projects prove successful, it could spawn a new wave of development in the city, business leaders said Wednesday during a panel discussion on the Boardwalk's future. "`My promise is to be the first block on the Boardwalk not to sell T-shirts,' said George Siganos, president of Siganos Boardwalk Properties, which has spent $2 million to renovate the 1700 block of the Boardwalk, between Indiana Avenue and Dr. Martin Luther King Jr. Boulevard, to include a mix of stores and restaurants. "…The Boardwalk is scheduled to get a new anchor tenant in late 2004, when the Gordon Group and Park Place Entertainment are expected to complete an $80 million Monopoly-themed retail entertainment complex at the former site of the Shops on Ocean One. "The retail and entertainment complex will feature 60 mid- to high-end shops and nine restaurants, including two that will be nightclubs as well, said Sheldon Gordon, chairman of New York-based Gordon Group Holdings. The property also will house a banquet room and wedding chapel. "…There a variety of projects already in development - including The Walk, Cordish Co.'s $60 million retail and entertainment project at the base of the Atlantic City Expressway, and The Quarter, Tropicana's $225 million expansion - but Gordon said he doesn't consider those projects to be competition…" |