Matt Doherty, the head of the state run Casino Reinvestment Development Authority (CRDA), is set to step down from his position at the end of January following a four year stint in the role.
The CRDA aims to redevelop Atlantic City using reinvested casino funds. It runs on payments that Atlantic City casinos are legally required to make towards redevelopment projects across the city.
Doherty first took on the position of Executive Director four years ago after being tapped by Governor Phil Murphy.
Speaking of his time in the role, he had this to say: “During the past four years we have made major investments in Atlantic City and its people, culminating in the groundbreaking this past November of a new ShopRite grocery store.
“I see remarkable potential in Atlantic City and I believe there will be a renaissance in the city over the next 5 to 10 years.”
Doherty was previously the Mayor of Belmar.
2021 was a tough year for Atlantic City casinos across the board, despite a reasonable recovery from the Covid-19 pandemic.
“The pandemic continues to have an adverse effect on our business, with land-based casino win down 5.5% for the year through November, and while online gaming revenue continues to see significant growth with third-party operators acquiring much of that market-share, it has provided another taxable revenue source to the city and state,” said Joe Lupo, President of the Casino Association of New Jersey, who also serves as President of Hard Rock Hotel & Casino Atlantic City.