The popular Sky Ride attraction that runs along the Seaside Heights boardwalk will remain in flight for another 10 years following the approval of a new lease agreement with the borough.
The Sky Ride – a ski-lift-style cable car ride that runs half the length of the boardwalk – is, of course, an aerial attraction owned by Casino Pier. But the ground underneath it, on which structural supports and power equipment is located, is owned by the borough. Traditionally, the Sky Ride’s owners have signed decade-long leases at agreed-upon rates to utilize the land to support the ride.
The previous lease ended in April 2022, and the borough and Casino Pier signed a single-season lease at the previous rate for the summer season. The new pact is a 10-year lease at an annual price of $50,000 per year in years one through five, and $52,000 per year in years six through ten. The total value of the lease is $512,500.
Under the terms of the previous lease, Casino Pier paid the borough $487,500 over the course of 10 years in multiple installments per year.
The new lease expires Dec. 31, 2032.