Newark will become the U.S. headquarters for the technology startup development program known as HAX. The state and a Princeton-based venture capital firm SOSV are investing a combined $50 million in the program, with the intent of developing 100 companies over the next five years. Gov. Phil Murphy says the partnership will lead to 2,500 new jobs and millions of new investments in the years ahead. HAX chose Newark because of its infrastructure, affordable space and top research universities. It will open the Newark location next year.
There is some state assistance for businesses impacted by Tropical Storm Ida. The New Jersey Economic Development Authority began accepting applications on Friday for a program to provide grants to those hit by flooding. Grants of up to $5,000 are available.
New Jersey’s gaming revenues continue to recover. Jane Bokunewicz, coordinator of Stockton University’s LIGHT Institute, pointed out that online revenues didn’t suffer even as gamblers ventured back to Atlantic City. In August total gaming revenue was about $428 million — up 31% over last August.
The American Dream Mall opened its luxury section Friday. Known as The Avenue, it features high-end stores including Saks Fifth Avenue, Gucci and Louis Vuitton.