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The Casino Reinvestment Development Authority shall provide capital investment funds for economic development and community projects that respond to the changing economic and social needs of Atlantic City and the State of New Jersey. It shall encourage business development and permanent job creation, promote opportunities for business expansion, and commit to facilitating a vibrant economic investment and employment environment for New Jersey.
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The only agency of its kind nationwide – the CRDA has used casino investment obligations as a catalyst for meaningful, positive improvement in the lives of New Jersey residents statewide. In doing so, the CRDA has dramatically changed Atlantic City’s residential, commercial, cultural, and social landscape, while financially supporting quality-of-life improvements throughout New Jersey.
In 1976, New Jersey voters approved a constitutional amendment allowing the Legislature to authorize casino gambling, located in Atlantic City. The legislative intent was to use gambling as a unique tool for urban revitalization of Atlantic City, and to generate revenue to establish new or expanded programs to benefit senior citizens and disabled residents.
As part of the original Casino Control Act enacted in 1977, each casino licensee was required to reinvest 2% of its gross gaming revenue. However, by the beginning of 1984, no casino licensee had yet made any of its required reinvestments as there was no unbiased decision making entity in place. In 1984, the State Legislature established the Casino Reinvestment Development Authority which developed guidelines describing more precisely a casino licensee's investment obligations consistent with the intent of the original statute. The 1984 law gives each casino a choice: pay 2.5% of its gaming revenue to the State, or reinvest 1.25% of its gaming revenues through the CRDA in community and economic development projects in Atlantic City and around the State. Without exception, the casinos have chosen reinvestment.
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