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December 30, 2020, 10:33 am ·
The New Jersey Casino Reinvestment Development Authority (CRDA) on Tuesday approved a 20-year tax break for a proposed $100 million indoor water park at a site adjacent to Atlantic City’s former Showboat casino.
Showboat owners sought an entertainment retail district designation for the water park to make it eligible for the 20-year tax rebate.
The CRDA approved the requested designation to thus entitle the project to an
annual rebate of up to $2.5 million in sales tax for a period of 20 years. The entertainment retail district designation also entitles the scheme to tax breaks on construction materials.
The CRDA gave a site plan approval for the proposed water park earlier this month. That earlier approval paired with the requested designation
Showboat AC Wins Approval for Indoor Water Park December 16, 2020, 9:33 am ·
The New Jersey Casino Reinvestment Development Authority (CRDA) on Tuesday gave a final site plan approval for a proposed indoor water park at Showboat Atlantic City.
But the CRDA is yet to give one more key approval before the project moves forward. The Showboat’s owner, Philadelphia-based real estate developer Bart Blatstein is seeking an entertainment retail district designation for his proposed expansion project.
This designation would make the planned water park eligible for tax incentives. Mr. Blatstein’s development corporation could get an
annual tax rebate of $2.5 million for up to 20 years if his request is granted. The CRDA is expected to consider the matter at a separate meeting within the next few weeks.