Atlantic City is going forward with plans to build a giant observation wheel and a zip line on the beachfront next to the Steel Pier as well as attractions such as restaurants, a rebuilt Boardwalk and an elevated walkway in its Inlet neighborhood.
City Council on Wednesday approved an expansion of the Steel Pier for the construction of a 205-foot-tall observation wheel with enclosed, climate-controlled cars and a zip line ride.
Council also approved a redevelopment plan for the city’s largely vacant Northeast Inlet neighborhood, which includes new restaurants, entertainment and recreational facilities, a rebuilt Boardwalk and an elevated walkway.
“It’s a reinforcement of the importance of adding these other amenities,” John Palmieri, executive director of the New Jersey Casino Reinvestment Development Authority told the Associated Press.
The authority will help finance the observation wheel project through a loan picking up about $8.1 million in costs for the $14 million project.
The city has been facing an economic crisis as gambling revenue in the resort continues to fall and four of its 12 casinos closed in 2014. That has led to a new push to bring diverse—and often family friendly—attractions to the resort
“We’ve been talking about doing this for 25 years,” said Anthony Catanoso’s whose family owns the Steel Pier. “It’s one more example of an amenity we can provide that doesn’t depend on gambling. Observation wheels around the country are very successful, and they’ve become destinations in their own right. This will be the second- or third-tallest in the country, and no one has the view we have with the beachfront, the ocean and the skyline. It’s going to be phenomenal.”
The start of an expansion of the Boardwalk to support the wheel and the zip line ride could begin within two months, Catanoso told the AP.
Meanwhile, new data released by Global Spectrum shows that major concerts and conventions are having a positive impact on Atlantic City’s troubled economy.
The company operates the city’s convention center and also its major entertainment venue Boardwalk Hall. Both facilities posted gains in 2014 and are expected to continue growing.
“I think this is the wave of the future for Atlantic City. The conventions at the convention center and the shows at Boardwalk Hall will be responsible for an influx of new visitors to Atlantic City,” Fran Rodowicz, the Global Spectrum executive who oversees both facilities told the local Press of Atlantic City.
Boardwalk Hall hosted 54 ticketed events last year, a 26 percent increase from 2013. Those events generated nearly $14.7 million in ticket sales and drew 253,175 customers, Global Spectrum said.
The convention center saw a slight drop in events—89 events from 90 the year before—but hotel bookings related to conventions increased 15 percent from 2013, Global Spectrum said. Future convention bookings, however, are up 58 percent through 2019.
Also, Boardwalk Hall is on pace to surpass the 13 major concerts it held last year. Already, 12 concerts and sports events have been booked for 2015, including concerts by Marc Anthony, Fleetwood Mac, Miranda Lambert and The Who.
More concerts are currently being scheduled, officials said. The New Jersey Casino Reinvestment Development Authority has approved a $1 million subsidy agreement with concert promoter Live Nation for at least a dozen major shows this year at the hall.
Major conventions in the city included one for Herbalife attended by about 4,500 people, the Atlantic City Pool & Spa Show and the New Jersey League of Municipalities.
Global Spectrum said it has managed to reduce labor costs at both facilities and is making technical upgrades to both resulting in the city “gaining momentum” as a sought-after site for both concerts and conventions.
