Business Report: Casino profits improve, new Lockheed Martin jobs, PSE&G’s new president

Lockheed Martin will be adding 400 new jobs at its Mooretown's facility within two years

Atlantic City is gearing up for a Memorial Day weekend that potentially will be back to normal now that Gov. Phil Murphy lifted additional mask restrictions. Net revenues for the casinos are still down compared to a year ago, but Jane Buckenivitz, Stockton University’s’ coordinator of the Levenson Institute of Gaming, Hospitality and Tourism, said there has been steady improvement. During the winter months, the occupancy rates at casino hotels was just over 50%, according to the latest figures from the Division of Gaming Enforcement.

Gov. Murphy Tuesday traveled to Moorestown to talk up the planned expansion of a local Lockheed Martin facility. Later this year, Lockheed is relocating some of production activities from a plant in Baltimore. Partly due to that move, the Moorestown location will be adding 400 new jobs at its facility within two years. Attracting new jobs to New Jersey will be key as the state’s economy continues to recover from the pandemic. The state’s unemployment rate remains higher than the national average.

New Jersey’s largest utility has promoted a woman into a key role. Public Service Electric and Gas has announced that Kim Hanemann will take over as president on June 30. She will be the first woman to run the utility in its 118-year history. Hanemann currently serves as chief operating officer and will retain that role when she takes over for Dave Daly who is retiring.

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