As reported by: The Press of Atlantic City
Casino executives will get $60 million in the next state budget to continue hotel construction, according to a newspaper report.

The Press of Atlantic City reported that the money will come from incentives built into last year's $90 million casino tax increase.

Parking tax money now will become available to the Casino Reinvestment Development Authority and will be used as matching funds for hotel projects. The money originally was to go to the authority in three years to be spent anywhere in the state.

David Jonas, Harrah's senior vice president for Atlantic City operations, said that McGreevey's proposal fits in well with their plans.

"I'm not going to tell you this is the only reason we would build," Jonas told The Press. "We feel very, very strongly about the market, but clearly this sends a message to us that the governor wants growth in this town."

Administration officials say major conventions have shied away from Atlantic City because of a lodging shortage. Adding hotels has the potential to further boost state coffers in the years ahead, they said.

More than 3,000 hotel rooms opened during the last year and a half and 900 more are scheduled to open this year.

The Casino Reinvestment Development Authority will decide how the matching funds for hotel projects are spent.