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Atlantic City needs a Re-Invention, experts say

Posted on April 15th, 2011

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Not many towns and cities find themselves in some sort of identity crisis, especially those who have been around the block for quite a while and have developed a reputation for specializing on one or two things. Unfortunately, that’s not the case with Atlantic City to which experts say the city needs a clear vision for the future. The choices are myriad, complex, and require various machinations for it to come true. Atlantic City could very well be a casino town, a family playground, a high-end South Beach style tourist destination – whatever that case may be, city officials will need to figure it fast if they plan to remain competitive with other states in the area.

The good news is that the state has yet to establish a deadline for the next phase of Atlantic City’s Tourism Development, but given the recent history in terms of earnings from gaming revenues, Atlantic City needs to rethink its strategy and put it forward soon. The new Tourism District will be controlled by the state and is supposedly designed to set Atlantic City apart from its neighbors so it can continue to command the attention that it used to enjoy in its heyday. Said panelists in an investment forum Wednesday, Atlantic City will have to reinvent itself as a tourism destination after a particularly harsh economic period that saw it post 31 straight months of revenue decline as well as increasing pressure from neighboring states would have jumped into the casino bandwagon. What worked for Atlantic City 33 years ago just isn’t cutting it now. “Everybody agrees that Atlantic City has to change,” said David Cordish, the chairman of Cordish Co., a developer of casinos and retailer projects based in Baltimore. He was also part of the panel discussion entitled “Entertainment and Tourism: Atlantic City’s New Business Model” which was sponsored by the Philadelphia-South Jersey Regional Council for Urban Land Institute.

The forum saw developers, experts, executives, and government officials alike discuss and deliberate the options that Atlantic City can pursue in order to remain viable as profit engine in the region. Where before, Atlantic City lays claim as the sole gambling destination in the East Coast, the rise of Pennsylvania, Delaware, and other neighboring states is rendering this competitive advantage moot.

New Jersey Gov. Chris Christie pioneered the plan for a Tourism District and likewise needs inspiration in order to push his vision forward. Of the various ideas that were thrown around, developer Christopher DiGeorge of DiGeorge’s Atlantic Properties LLC, had one of the more interesting takes when he proposed a South Beach style destination for residents who would not want to make the trip down to Florida. Under such a scheme, Atlantic City would be transformed into a tourist style resort that will be a haven for both gamblers and non-gamblers, a larger demographic that can hopefully help Atlantic City reverse its fortunes. “They need to be reinvented; they need to be rebranded in some way.” said DiGeorge.

Andrew Eisentein, the managing director of Iron Stone Strategic Capital Partners built on the idea by arguing how some of the casinos in the area, due to extended periods in doing the same business, lack creativity to pull new patrons. “Some of these buildings don’t need to be casinos anymore,” Eisenstein said, referring to the state of some old gaming halls that are no longer fit for a dynamic and vibrant crowd as in a casino facility. Other suggestions asked of Gov. Christie to grant tax relief, zoning improvements, and revised rules for access to land so that casinos can grow themselves back. Such changes would also help call in more investors as well as encourage more companies to build housing facilities in the area. Cordish stressed the success of The Walk as a potential model for Atlantic City to build on. “You have a living-proof example of how Atlantic City can prosper other than gaming,” he said.

The Walk features a collection of stores, restaurants, and nightclubs that fuel Atlantic City’s young subculture. It is conveniently located at the foot of the Atlantic City Expressway and is currently averaging $500 of sales per square foot.