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New Jersey Governor Chris Christie signed a bill to boost tax credits for development of non- gambling businesses in the struggling casino hub of Atlantic City.
The city has seen casino revenue drop for seven consecutive years under pressure from out-of-state competitors and is seeking to rebrand itself.
The bill makes non-gaming projects eligible for the highest level of economic development incentives, joining Camden, Passaic, Paterson and Trenton. The law also creates a new tax credit for developers that donate public infrastructure to governments.
Moody’s Investors Service dropped the locality to junk in July because of its dependence on the gambling industry.
To contact the reporter on this story: Terrence Dopp in Trenton at email@example.com To contact the editors responsible for this story: Stephen Merelman at firstname.lastname@example.org Pete Young, Vivek Shankar.