New Jersey - Assemblymen John Amodeo and Vince Polistina, commended today the Senate Economic Growth Committee for unanimously releasing legislation on Monday that would hasten financial backing of certain development projects that could boost the slumping economy.
Amodeo and Polistina, both R-Atlantic, sponsor the Assembly version, S-920/A-1897, which would clear the way for the $2.6 billion Revel casino project that many hope will revive Atlantic City's slumping economy.
"This project has already created jobs and will continue to do so while giving the state and Atlantic City a much-needed shot of new recurring revenue," Amodeo said. "This is a wise investment without any outlay of state funds that will be vital in the Atlantic City's recovery, which will be felt throughout the state."
The Revel project will add 1,900 hotel rooms 150,000 square feet of gaming, 35,500 square feet of entertainment space, 170,000 spare feet of convention space, 20 restaurants and 44,000 square feet of beach amenities.
It is slated to create 2,600 construction jobs and then 5,500 permanent jobs, plus another 2,500 jobs related to the new operation.
"We must bring Atlantic City out of dismal economic times and this will be a major step toward a brighter future for the city and our state," Polistina said. "It would be beyond a shame if we allow this project to fail and squander this opportunity to provide our state with more than $100 million in annual revenue and better opportunity for thousands of families who will benefit from these jobs."
