Governor Florio on the Revitalization of Atlantic City

September 13, 2010

Dear Friends and Colleagues,

Governor Florio recently wrote an article that we thought you might be interested in reading. We hope you will continue to use our firm's website and email updates as a viable and expert source for information. Gov. Florio's piece has been published in The Star Ledger, NJ.com, NorthJersey.com, and several other news outlets. The text is written below.

OPINION: LET'S BACK PROPOSALS FOR ATLANTIC CITY REVITALIZATION

Gov. Chris Christies advisory commissions report on how to improve the economic environment in Atlantic City is thoughtful and balanced. The commissions recommendations focus on how New Jersey can expand both its tourism and its economy. This is a goal everyone can and should support, because the entire state will benefit

In these challenging economic times, New Jersey needs to take every step possible to create a pro-growth economic environment, and the commissions recommendations will do just that.

>New Jerseys casino resorts employ 38,000 people and support nearly 60,000 additional jobs across the state. They spend nearly $2 billion a year with small-business vendors in all 21 counties, and provide critical funding for government programs, paying nearly $900 million in taxes every year. There are few industries that yield so many benefits for the Garden State

New Jerseys high unemployment is obviously a cause for concern. We would be foolish if we did not take every step possible to create an environment where one of our biggest employers can grow and create new jobs for our unemployed residents throughout the state.

Atlantic City supports nearly 2,000 small businesses in New Jersey. An increase in Atlantic Citys tourism and revenue will mean real dollars in the pockets of small-business owners and their employees who live and work in all 21 counties of the state.

Atlantic City is the second-largest tourist destination in the United States, with nearly 34 million visitors last year alone. However, the economic downturn and new gaming competition in neighboring states have reduced revenues for the resort.

The commissions plan focuses on transforming Atlantic City to make it a more attractive and competitive venue, emphasizing its unique attractions: its beaches, Boardwalk and world class Convention Hall. This plan will help New Jersey compete against neighboring destinations.

The report calls on the state to reduce regulatory costs, while monitoring standards of integrity. The specific recommendations focus on expanding non-gaming amenities and cleaning up the streets. This could bring an overwhelming influx of new tourists into the state.

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