The iconic Steel Pier in Atlantic City is closer to a long-awaited first spin of a 220 ft. observation / ferris wheel. That’s all due to a loan tweak from the CRDA, the Casino Reinvestment Development Authority.
The CRDA is using casino tax dollars to restructure its loan to Steel Pier. This should allow the observation wheel to be up and running by….at the latest…. by July 1, 2017. Well, we certainly hope so. Fingers crossed.
Financial foul-ups, neighboring TAJ MAHAL issues, and other city / economic voodoo have plagued this potentially great concept since 2015. The visually stunning attraction could be a real game changer for the Atlantic City Boardwalk. That’s why the CRDA was compelled to step in….again.
So far, the CRDA has prudently invested $14 million into this historic amusement pier & Boardwalk attraction, even as Steel Pier (and Atlantic City) confronts myriad near-term turmoil and risk.
Why so bullish on Steel Pier? With the extended Boardwalk to Gardners Basin, complete with a re-opened REVEL / TEN, Showboat Hotel…and maybe the TAJ, Steel Pier could see dramatically higher foot traffic past it’s front door.
Anthony Catanoso, president of Steel Pier, wants wheel spinning on Atlantic City Boardwalk by Memorial Day 2017
The wheel could bring another great, non-gaming attraction to the Atlantic City Tourism District. Designed and built in Melara, Italy, the wheel features 42 climate-controlled gondolas/cars. It’s currently packed away in storage on the New Jersey mainland.
About the CRDA: A state agency that seeds projects such as the ACDevco Stockton University’ Atlantic City campus and the Steel Pier. The CRDA uses Atlantic City casino reinvestments as a catalyst for meaningful, positive improvement in the lives of New Jersey residents. Under the 2011 Tourism District Act, CRDA’s mission evolved from statewide projects to becoming the state’s key economic development agency for Atlantic City, resulting in nearly $1 billion in economic development and non-gaming attractions. CRDA has invested nearly $2 billion in more than 400 projects statewide since 1984. CRDA responsibilities include land use regulation, clean and safe initiatives, tourism marketing, and ownership and oversight of the Atlantic City Convention Center and Boardwalk Hall. For more info, visit www.njcrda.com.
Comments are closed.