Atlantic City Mayor Hoped To Swap With Penn
A group of casino executives, public officials and neighborhood representatives meet this week to discuss Atlantic City Mayor Lorenzo Langford’s plans to swap land for a spot at Bader Field. The site is thought by some to be integral to the city’s revitalization.
The mayor presented his idea to allow property owners with more than 10 acres of city land to be eligible for the swap. However he focused mainly on making the offer to gaming companies within the district, including Penn National Gaming (PENN: 25.62 0.00%).
Langford used the casino operator as an example of how the plan would work and added, “I think Penn Gaming would jump all over that.” Penn executives were not present at the meeting and could not be reached for comment.
Penn National was the only company to make an official offer to build on Bader Field. Their $800 million proposal was rescinded when state Legislature insisted on the city bidding on the property.
The Pennsylvania based company holds 18 acres along Route 30 and has put a hold on plans to develop a casino there citing the recession and the city’s difficult casino market.
However according to the plan Penn would not be eligible for land swap consideration as they do not own their land. Originally they had an option to buy the property but did not follow through when they ended their plans to build a casino.
Join the forum discussion of this news story - (1) PostsRelated posts:
