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CRDA approves redevelopment plan for Golden Nugget AC

17 September 2015

(PRESS RELEASE) -- The Board of the New Jersey Casino Reinvestment Development Authority (CRDA) approved a redevelopment plan at Golden Nugget - Atlantic City.

The Golden Nugget Villa Project was approved along with a $4.5 million fund reservation that will see the property redevelop unused restaurant space into two state-of-the-art, multi-purpose villas. At nearly 2,400 square feet, each villa will include bedroom, living and entertainment space, plus dining and bar areas. Along with serving as a meeting space for small groups and hospitality suites for large conventions, each villa will offer stunning marina views and will be utilized on weekends for hotel guests.

“This is a wonderful project that furthers our mission to bring additional nongaming attractions to the city,” said CRDA Executive Director John Palmieri. “Golden Nugget is creatively utilizing valuable space and converting it into a tremendous amenity for visitors.”

Golden Nugget Atlantic City is fully funding the approximate $4.5 million project through $1,228,499 of Investment Alternative Tax (IAT) obligations currently available, while the remaining approximate amount of $3,271,501 will be reimbursed through future IAT revenues, if available.

Also, with Atlantic City increasingly becoming a popular destination for large corporate meetings and conferences, the Board approved an amendment to the 2015 Meet AC budget that will give the organization an additional $975,000 in funding to host three more trade shows/conventions and provided for a sponsorship opportunity with the Miss America Organization in 2015.

The added shows – Meeting Professionals International (MPI) 2016 World Education Congress, TEAMS ’16 and Meetings Quest 2017 – have each committed to holding their respective annual events in Atlantic City. The new Harrah’s Waterfront Conference Center will host MPI and TEAMS in 2016 while the venue for Meetings Quest 2017 will be announced at a later date.

The Board gave preliminary and final site plan approval for the operation of a food truck pavilion on an existing parking lot between California and Belmont avenues on the Boardwalk. A maximum of four food trucks would be permitted on site and would be hooked up to water and electrical service, and feature picnic tables and lighting.

Board actions will take effect following the expiration of the Governor’s statutory review period.

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