A board member with a state agency overseeing redevelopment efforts in Atlantic City wants it to have the power to come up with a rescue plan for the Sheraton Atlantic City Convention Center Hotel, whose owners are threatening to shut it down in December.
Frank Formica of the Casino Reinvestment Development Authority says the agency should be given the authority to come up with ways to keep the hotel open and operating.
“If this closes, we’re done as far as conventions are concerned,” Formica said Tuesday. “This is absolutely critical.”
Formica said CRDA’s executive director, Eric Scheffler, and its chairman, Modia “Mo” Butler, “have previously sought the state’s support for allowing the CRDA to become more directly involved in finding a solution for this property.”
