Bader Field Could Be Sold To Penn National For $800 Million

"I think they're trying to steal Bader Field. They're undermining a public process that this industry has faith in. The city would be foolish to support this," said Thomas Carver

Bader Field used to be an airport property. Now the site has become one of the most sought after lands on the East Coast. Penn National Gaming has decided to make an offer to buy the site and avoid a bidding war.

Penn National Gaming, which operates a Pennsylvania casino and racetrack, has made a big splash in their efforts to move into Atlantic City. The proposal from the group is $800 million for the land rights at Bader Field.

Opponents and other developers interested in the land have called the deal completely ridiculous. "I think they're trying to steal Bader Field. They're undermining a public process that this industry has faith in. The city would be foolish to support this," said Thomas Carver, the Chairman for the Casino Reinvestment Development Authority.

His opposition coupled with opposition that has sprung from other developers, will make it very important that the city look into the deal closely before making any decisions.

The reason Penn is in a good position is the city is in desperate need of immediate money to help for tax relief for property owners. The proposal calls for $50 million to be put in an escrow account within ten days of closing, and another $50 million to be paid in the first two years.

If Penn gets the deal done, they claim they will use one parcel to build a casino of their own, and sell of other parcels to developers looking to build casinos.