As we predicted last week…. it’s a major SHAKE-UP at the CRDA > After 5 years on the job, John Palmieri is leaving the top post at the Casino Reinvestment Development Authority, better known as the CRDA.
According to the Press of Atlantic City…..the CRDA board made it official today: John Palmieri is stepping down as executive director.
The Casino Reinvestment Development Authority was created to boost the economy of Atlantic City
CRDA will lose $18m a year in funding…from shrinking casino taxes starting next year. This played a role in the decision to step down, Palmieri says.
Christopher Howard; the CRDA deputy executive director, will take Palmieri’s place. He’ll have a 2-year contract worth $175k per year.
The CRDA uses a percentage of casino revenues for Atlantic City’s residential, commercial, cultural, and social landscape.