In 1984, the State Legislature established the Casino Reinvestment Development Authority (CRDA), which developed guidelines describing more precisely a casino licensee’s investment obligations consistent with the intent of the original statute. However, by the beginning of 1984, no casino licensee had yet made any of its required reinvestments. The legislative intent was to use gambling as a unique tool for the urban revitalization of Atlantic City, and to generate revenue to establish new or expanded programs to benefit senior citizens and disabled residents.Īs part of the original Casino Control Act enacted in 1977, each casino licensee was required to reinvest 2% of its gross gaming revenue. Watch full episodes of 'The New Yorker Presents.' Watch more segments from 'The New Yorker Presents.In 1976, New Jersey voters approved a constitutional amendment allowing the Legislature to authorize casino gambling, in Atlantic City. “Nothing has ever worked here,” he says, “other than what’s here already-the beach and the boardwalk.” Wood has seen a number of schemes and businesses come and go. Another is Martin Wood, who was born in Atlantic City and runs a pawn shop that was established in 1927. His storefront is now isolated in a hard-to-access stretch of wasteland beyond the Revel’s shell. One of these is Mike Hauke, who moved to Atlantic City and opened a restaurant down the street from the Revel, counting on the business it would bring in. The film also features small-business owners and other locals who witnessed the rise and fall of the Revel. In this short documentary from an episode of our TV show, “ The New Yorker Presents” (Amazon Originals), Paumgarten discusses the history of Atlantic City and the “build it and they will come” approach to business that initially made the city a premier vacation destination, and later contributed to its economic downfall.

Atlantic city gambling history