Casino Reinvestment Development Authority Backs $75 Million Building Project in Atlantic City

Back Casino Reinvestment Development Authority Backs $75 Million Building Project in Atlantic City

In a move set to redefine Atlantic City’s gaming landscape, Evolution Gaming has proposed a groundbreaking $75 million project. This initiative, supported by the Casino Reinvestment Development Authority (CRDA), aims to breathe new life into an underused corner of the city.

The Vision Unveiled

The vision for this project is ambitious yet promising. It involves constructing a state-of-the-art, four-story building spanning 130,000 square feet. The proposed location, at 2301 Fairmount Ave., is strategically positioned to transform the area and create a hub for gaming innovation.

Evolution Gaming is already a prominent player in Atlantic City, operating live games online and offering a unique gaming experience. With this new venture, the company seeks to expand its footprint and accommodate its growing workforce.

One of the driving factors behind this project is the increasing demand for live gaming experiences. Lloyd Levenson, an attorney representing Evolution Gaming, highlighted the company's need for more space due to its expanding operations.

If the project proceeds as planned, it could create approximately 2,000 jobs, providing a significant boost to the local economy. These jobs would operate in three shifts round the clock, showcasing the potential for sustained economic growth.

The proposed building will not only serve as a workspace but also as a flagship location for Evolution Gaming. It will house studios, server facilities, and offices, catering to the company's operational requirements.

’’ The property is about 2.2 acres, currently used for parking. Plans are for the company to lease parking spaces for employees in the nearby Wave Garage, owned and operated by the CRDA and typically described as underused.’’

Beyond its economic impact, the project promises to revitalize an underutilized section of Atlantic City. By repurposing an existing parking lot, Evolution Gaming aims to contribute to the city's urban development.

This endeavor marks a significant milestone for Atlantic City, positioning it as a hub for gaming innovation. The project's scale and vision underscore the city's potential as a thriving gaming destination.

Community Engagement and Support

Mayor Marty Small Sr., a member of the CRDA board, has expressed enthusiasm for the project, citing its potential to benefit the community. Evolution Gaming's commitment to giving back, including contributions to local initiatives, further strengthens its ties with Atlantic City.

The project's approval hinges on regulatory compliance and collaboration with local authorities. Evolution Gaming's track record of operating within legal frameworks ensures a smooth process as it navigates regulatory requirements.

As discussions progress and plans take shape, the Evolution Gaming project represents a pivotal moment for Atlantic City's gaming industry. With its potential to create jobs, drive economic growth, and foster innovation, this venture sets the stage for a transformative era in the city's gaming landscape.

Evolution Gaming, a prominent player in live dealer games, sees substantial revenue from this segment, now accounting for 86% of its total income in Q1 2024, up from previous years. However, its North American sector lags, with slower growth compared to the rest of the company. This could be due to factors like heightened competition, studio constraints, and limited iGaming expansion in the US. Plans to expand its US team by 1,000 employees and accommodate 2,000 more in New Jersey aim to bolster its presence and bridge the gap with its European operations.

Source:

''Plans call for $75M building in Atlantic City for online gaming company''pressofatlanticcity.com, May 22, 2024.

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