Atlantic City's Casino Reinvestment Development Authority will soon have a new leader.
James Kehoe, chairman for the New Jersey agency since 2008, announced during a monthly board meeting on April 21 that he is stepping down to concentrate on his new consulting position with Tonio Burgos and Associates. Kehoe was first appointed to the CRDA board of directors in 2007 by then Gov. Jon Corzine before becoming chairman a year later. New Jersey Gov. Chris Christie will now be tasked with appointing Kehoe's replacement.
"James Kehoe was an asset to the CRDA," said Christie spokesman Brian T. Murray. "We want to thank him for his service and all that he has done."
The CRDA uses revenue from Atlantic City casinos for tourism and redevelopment projects. Moody's Investors Service last year downgraded $194.6 million of the authority's parking fee and Atlantic City Fund revenue bonds to Baa3 due largely to recent casino closures and increased regional gaming competition. The outlook is negative.
Moody's also assigned a Baa2 to the CRDA's $253 million luxury tax revenue bonds last October.
Kehoe could not immediately be reached for comment. He was named president of New Jersey operations at Tonio Burgos and Associates in January soon after retiring following 35 years with United Association Local 322 Plumbers and Pipefitters.
