A new £1.4 billion casino hotel plan has been put on ice for up to TWO YEARS while developers wait for the money to come back.
The Atlantic Beach Resort & Casino was meant to feature a 2,000-room hotel tower soaring 832 feet into the sky, Atlantic City’s biggest gaming floor and an array of upscale retail, dining and entertainment attractions.
Now developer AC Gateway LLC has withdrawn its application for a coastal building permit for a rethink lasting perhaps two years.
The project now joins MGM Mirage’s gigantic, £3 billion gaming and hotel complex and Pinnacle Entertainment’s £1 billion casino on the list of proposed Atlantic City megaresorts stopped cold by the recession and global credit crisis.
Atlantic City casino revenues plunged 7.6% in 2008 and things look worse for 2009 bar a dramatic economic recovery in the US.