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WOND News - VNC News

Could CRDA Financing Affect Steel Pier Sale

As Atlantic City's historic Steel Pier remains listed for sale at $85 million, questions are emerging about what would happen to millions of dollars in financing provided by the Casino Reinvestment Development Authority if the iconic Boardwalk attraction changes ownership. SouthJerseyNewsBeat.com reports a review of the CRDA's publicly available audited financial statements shows that the authority carried a Steel Pier loan receivable of $10,826,926 as of December 31, 2024. That figure is significant because the Catanoso family, which purchased Steel Pier in 2011, is now seeking a buyer for the property, creating the possibility of a major transaction involving an attraction that benefited from public-agency financing.

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