Promoter gets $1M deal for Atlantic City concerts

ATLANTIC CITY, N.J. (AP) -- The state agency in charge of redeveloping Atlantic City has approved a $1 million subsidy agreement with a concert promoter to stage at least a dozen major shows in the resort.

The Press of Atlantic City reports the Casino Reinvestment Development Authority will provide Live Nation with $500,000 in subsidies and another $500,000 to protect the company from losses if any concerts are unprofitable.

CRDA Executive Director John Palmieri said the agreement calls for a minimum of 12 big-name shows at Boardwalk Hall, but there could be as many as 16. The deal is for one year, but includes options for a second and third year.

Major concerts are a centerpiece of Atlantic City's strategy to transform into an entertainment, retail and dining destination.

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