It is considered one of the most attractive development sites on the entire East Coast and was projected to sell – before the recession hit – for $1 billion or more.
City Councilman Dennis Mason, who has been monitoring the bidding process since it began last October, said nobody had submitted a bid as of Tuesday. He doesn’t expect one to materialize soon.
With the economic problems today, this is no surprise. Besides money, building a new casino area will take a lot of time. I’m not sure I would want to create something from scratch when I can buy an existing property and make it my own. Time is money and today creating a new area of Atlantic City to have casinos doesn’t make much sense to me. Bader Field is almost in the opposite direction of the marina area (see map below) and this would be like starting from ground -2 as opposed to zero with a developed area.
Image from VegasTripping. Take a look at their original post on building on Bader Field to learn more about the history of the area.
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