New Jersey Gov. Chris Christie unveiled a plan that calls for the state to take over Atlantic City’s casino and entertainment districts. As part of the unprecedented proposal, the Atlantic City Convention and Visitors Authority (CVA) would be shuttered.
The governor's announcement is based on a report by a seven-member commission appointed in February to figure out ways to fix the state’s faltering casino and horse racing industries, Trenton’s Star-Ledger reported.
Under the plan, the Meadowland Racetrack would be sold off or turned into an off-track wagering facility without live horse racing. Additionally, the New Jersey Sport and Exposition Authority would be effectively disbanded, becoming a landlord for the facilities it currently operates. Under the plan, the state would help refinance the stalled Xanadu project in the Meadowlands. The commission recommended that if the Xanadu project is not put back on track by the end of this year, the state should proceed with foreclosure.
The proposal calls for more energy directed toward the city’s convention business and family-friendly entertainment offerings.
Much of the plan requires approval of the state Legislature, and that process is expected to be lengthy.