SEARCH NEWS:

 

Park Place, CRDA Settle Funding Dispute

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "Gaming giant Park Place Entertainment Corp. has dropped a politically charged lawsuit that challenged the way a state agency finances millions of dollars in development projects.

"Park Place sued the Casino Reinvestment Development Authority in August in an attempt to block funding for a controversial $65 million civic center that is proposed in Pennsauken, Camden County.

"Critics have charged that the civic center will be a financial flop and is a political payback for George E. Norcross III, a Democratic powerbroker from Camden County.

"…Park Place, which owns the Caesars, Bally's and Hilton casinos in Atlantic City, said in its Superior Court lawsuit that it did not want to be "perceived as supporters of a politically controversial project which may not succeed."

"But the company agreed to drop the litigation late last month after weeks of negotiations with the CRDA. The settlement will allow the CRDA to use Park Place's reinvestment funds for the civic center and three other development projects previously approved by the authority.

"However, the CRDA will have to consult with Place Place for future projects funded by the company out of a pool of funds reserved for new housing and economic development in southern New Jersey. If any of those projects costs more than $1 million, the CRDA will first have to secure Park Place's permission…"

< Gaming News