Borgata received preliminary determination of eligibility today from the Casino Reinvestment Development Authority (CRDA) to utilize approximately $14 million of its current and future funds on deposit with the CRDA generated from its Investment Alternative Tax payments. This investment will partially fund the development and construction of the two new venues that will further bolster Atlantic City's market leading entertainment and resort destination.
"We are thrilled with the opportunity to enhance and grow our already tremendous entertainment offerings through funding by the CRDA and a wonderful partnership with Live Nation," said Tom Ballance, President and Chief Operating Officer for Borgata Hotel Casino & Spa. "Upon our entry into the market in 2003, Borgata set the bar for entertainment and nightlife in Atlantic City, so it is only appropriate that we raise it yet again with the addition of these two substantial projects."
Located at Borgata's Northeast entrance, Borgata Festival Park, an outdoor concert venue and festival grounds, will feature artists synonymous with Borgata's reputation for bringing world-class musical acts to the Jersey Shore. The inaugural concert will tentatively take place on Saturday, June 13th with multiple bands joining forces for an all-day outdoor celebration. Throughout the summer and early fall, a variety of well-known performers will grace the newly forged stage with announcements for the lineup coming later in March. The venue will feature some of the biggest DJs in the world with a series of day-life Electric Dance Music parties. Festival Park will also play a prominent role in the Savor Borgata Culinary Series, highlighting the city's leading culinary destination by hosting food and beverage festivals throughout the year.
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