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Atlantic City’s Marina District will become a federal Opportunity Zone on Jan. 1, 2027. The designation could help attract private investment for two housing proposals near Borgata, Harrah’s, and Golden Nugget.
The U.S. Treasury Department and IRS announced the new zones Nov. 5. The Marina District was among 130 areas New Jersey nominated. Its designation will last 10 years.
MGM Resorts International is considering several housing options for the vacant land between Borgata and Harrah’s. Next to Golden Nugget, Boraie Development has proposed a waterfront project with 182 homes and a restaurant.
MGM considers up to 1,800 homes between Borgata and Harrah’s
Atlantic City Mayor Marty Small Sr. said in July that MGM had presented three options for its roughly 70 acres between Borgata and Harrah’s. The options call for 500, 1,000, or 1,800 homes. Retail space is also under consideration. The city’s November update did not identify which option MGM would pursue.
MGM proposed a casino resort costing up to $5 billion next to Borgata in 2007. It was never built.
The city updated its Marina District redevelopment plan in December 2025. It covers about 93 acres and allows detached houses, townhomes, and apartment buildings, along with shops and restaurants.
The plan said 87% of Atlantic City’s casino and hospital workers lived outside the city. New housing could allow more casino and hospital employees to live closer to workplace. The plan also calls for finishing the waterfront walkway so residents can more easily reach the marina and nearby casinos.
On July 22, the council authorized negotiations with an MGM subsidiary over a long-term property tax exemption for the housing development, The Press of Atlantic City reported. Those talks concern a local tax break for the site. The Opportunity Zone offers federal tax benefits to eligible investors across the district.
Boraie plans townhomes and a high-rise next to Golden Nugget
Boraie’s proposal calls for 62 townhomes and another 120 residences in a high-rise. The project would also add a restaurant on the waterfront beside Golden Nugget Atlantic City.
Boraie has received state approval for the proposal, according to a Nov. 4 city update. The city gave no construction start date.
Boraie has built housing in Atlantic City before. This includes a 250-apartment development near the Boardwalk in the South Inlet.
Golden Nugget is one of three Atlantic City casinos in the Marina District. The other six are situated on or near the Boardwalk. The new designation extends the program to the Marina District. The city’s four existing zones run along the beachfront from Maine Avenue to Annapolis Avenue.
What the new tax incentive can support
The program lets investors defer federal taxes on eligible capital gains by reinvesting them through funds that back qualifying projects. Housing developers and businesses looking to open or expand within the zone can both seek that investment.
Congress made the Opportunity Zone program permanent in 2025 and set up a new round of designations every 10 years. In choosing areas for this round, New Jersey weighed whether land was ready for development and whether new housing could put residents near jobs or public transit.
The state’s original Opportunity Zones attracted $3.14 billion in investment statewide through 2024, according to the Department of Community Affairs.
Federal rules exclude gambling facilities from qualifying as Opportunity Zone businesses. Investors decide which projects to back through the funds. The developers still need to secure financing and any remaining approvals before construction can begin.
