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August 27, 2015

Atlantic City polercoaster project looks for foreign investment

EB-5 financing program trades investment for green cards

The Florida developer who wants to build Atlantic City's first polarcoaster is looking overseas for financing, in a program that trades U.S. green cards for foreign investment.

Under EB-5 financing, a foreigner who invests $500,000 to $1 million in an enterprise that creates American jobs can then get a visa.

Joshua Wallack of Wallack Holdings in Florida told the Philadelphia Business Journal that this program is "all about job creation" and would help revitalize Atlantic City. However, he did not disclose how many jobs the vertical roller-coaster project would create.

“It will be determined by the EB-5 Regional Center in New Jersey," he told the Journal.

Wallack's Skyplex polarcoaster project in Orlando, Florida, got almost $190 million in financing from around 400 Chinese investors through the EB-5 program and is expected to create over 6000 jobs.

Whether foreign investors bite into the project or not, construction won't start on the polar coaster until New Jersey confirms that it will provide economic incentives like tax rebates.