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After 2 years offline, NJ reopens apps for key development incentives

After 2 years offline, NJ reopens applications for real estate incentives


After 2 years offline, NJ reopens applications for real estate incentives
June 1, 2021
2:37 pm
After being shuttered for nearly two years, the New Jersey Economic Development Authority opened applications June 1  for a state incentive for residential developers, under one of a dozen programs meant to lift the state out of the COVID-19 recession.
The program is known formally as the Economic Redevelopment and Growth program, which initially expired in July 2019 amid intense public scrutiny and political fighting over ERG and the Grow New Jersey corporate tax breaks.
But the state Legislature authorized $50 million toward the program under the newly minted “New Jersey Economic Recovery Act of 2020,” which Gov. Phil Murphy signed in January after the bill was fast-tracked to his desk. ....

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MotorCity Casino Owner Buys Half of Atlantic City's Ocean Casino Resort


bleeding money.
Luxor, one of its lenders at the time, took ownership of Ocean in early 2019 and renamed it as Ocean Casino Resort soon after that.
A New Chapter
After a comprehensive regulatory review process that took over a year, Luxor obtained final approval from New Jersey regulators to own and operate Ocean in May 2020. Officials at the hedge fund told regulators that they intended to own and run the gambling complex for
at least the next 25 years.
Under its new ownership and after another revamp, the property
finally began gaining momentum in the competitive Atlantic City casino market. Last year, it ranked sixth out of the city’s nine casinos in terms of overall gaming revenue and third in terms of revenue from in-person gambling on its casino floor. ....

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