Bader Field Apparently Bad for Business
Updated 5:30 PM EDT, Tue, Jun 30, 2009
Bader Field in Atlantic City was once called one of the most attractive development sites on the entire East Cost and was supposed to sell for $1 billion or more.
The potential was so high that A.C. turned down about a $900 million offer in January 2008 so that other prospective buyers could enter their bids to build at the old airport.
But when the deadline passed on Tuesday, not only did the site not fetch a higher bid, but no one even submitted a proposal to build on the site, Philly.com reported.
“Nothing came in. There's nothing going on in Atlantic City other than Revel,” City Councilman Dennis Mason said, talking about the only on-going casino project in the city.
The chief operating officer of Penn National Gaming, the company that submitted the $800 million offer, called the 143-acre airport “a death spiral,” according to Philly.com.
The Federal Aviation Administration closed Bader Field on September 30, after almost a century of use. The land could potentially hold three new casinos and could be the key to the future of Atlantic City after new slots in Pennsylvania and New York caused three-straight years of lower revenue.
But all hope was not lost. Mayor Lorenzo Langford was supposedly in talks with two developers who may be interested in the old airfield.
A spokesman said the mayor would not discuss plans for the land until Wednesday,
according to NJ.com