ATLANTIC CITY, NJ (CelebrityAccess) — New Jersey's Casino Reinvestment Development Authority (CRDA) Board has approved an incentive package that will provide Live Nation with as much as a million dollars to book more events at Atlantic City's Boardwalk Hall.
CRDA will offer Live Nation a graduated incentive package for one year beginning April 2014, renewable for two additional one-year periods. The package will potentially give Live Nation a bonus of as much as $500,000 for booking 12 or more events during a contract year. The graduated incentives kick in when they have booked six or more events.
The deal also provides another $500,000 to protect Live Nation against potential losses from any of the Atlantic City concerts if they prove to be unprofitable.
Board actions will take effect following the expiration of the Governor’s statutory review period.
“Boardwalk Hall is a beautiful venue, and we want to make the best possible use of it,” said John Palmieri, executive director of the CRDA. “Atlantic City already is known as a great place for entertainment. We want to make it the best entertainment destination in the region.”
Boardwalk Hall, operated by CRDA and managed by Global Spectrum, has been recognized by both Venues Today and Billboard magazines, as the top-grossing venue of its size. The arena holds up to 14,500 people. – Staff Writers