The city, making good on its vow to seek new non-gambling attractions, has approved redevelopment plans including a giant Ferris wheel and a zip line on the beachfront next to the Steel Pier and restaurants, a rebuilt Boardwalk and an elevated walkway in its Inlet neighborhood.
The plans come as Atlantic City has lost four of its 12 casinos and is trying to make its tourism-centered economy less dependent on gambling.
The City Council on Wednesday approved an expansion of the iconic Steel Pier to make way for an already approved 62m tall observation wheel with enclosed, climate-controlled cars and a zip line ride. It also approved a redevelopment plan for the Northeast Inlet neighborhood including new eateries, entertainment and recreational facilities, a rebuilt Boardwalk and an elevated walkway to bring new business to the area.
“It’s a reinforcement of the importance of adding these other amenities,” Casino Reinvestment Development Authority executive director John Palmieri said.
The agency has already approved the Ferris wheel project and will be contributing about US$8.1 million of its estimated US$14 million price tag through a loan to be repaid from a portion of ride ticket revenue.
“It’s a good step forward in the ongoing effort to reinforce those non-gambling sectors,” Palmieri said.
It is also something Atlantic City has been talking about since 2007, the first year its casino gambling revenues posted a yearly decline due to the opening of casinos in neighboring Pennsylvania that ate into its customer base. Those revenues have plunged from US$5.2 billion in 2006 to US$2.74 billion last year as casinos continued to open in Pennsylvania, New York and Maryland. Of the eight Atlantic City casinos that survived last year’s slew of closings, three are in bankruptcy.
The wheel and its 40 cars are being built in Italy and should be delivered to Atlantic City by December. The start of an expansion of the Boardwalk to support the wheel and the zip line ride could begin within two months.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
A Bollywood actor’s face tattooed on his arm, Sandeep Bacche’s devotion shocks few in India where stars enjoy semi-divine status, but even there the hallowed silver screen might be losing its shine to streaming services and pandemic fears. “Whenever things get better and theaters begin operations, I will watch three movies a day for sure just as a way to celebrate,” said the Mumbai rickshaw driver, who is recovering from the virus himself. However, others might not join the party. With cinemas shut for months due to a COVID-19 lockdown, and little prospect they will reopen soon, frustrated Bollywood producers have turned to