NEW YORK – When the Port Authority of New York and New Jersey gained approval from both states five years ago to acquire the rights to operate Stewart Airport near Newburgh, part of the arrangement was giving the bi-state agency the opportunity in future to acquire another airport in New Jersey.

With that backdrop, the Port Authority Board on Thursday authorized the spending of up to $3 million to review the possibility of taking over Atlantic City International Airport.

The Port Authority also operates the Big Three jetports in the New York metro region – JFK, LaGuardia and Newark.

Stewart was acquired in 2007 to be developed as a relieve airport for the New York facilities, but to no fault of the airport officials, it has fallen far short of that goal.  In fact, because of continued economic conditions, airlines have pulled out or reduced service at Stewart.

Atlantic City, on the other hand, accommodated an all-time high of 1.4 million travelers in 2010 and the Port Authority said its facilities offer “significant opportunity for future growth.

“We need to explore all available options to expand our services for our passengers and businesses using our air cargo facilities,” said Port Authority Chairman David Samson. “Atlantic City International Airport may provide a good fit with our current air operations, easing congestion and opening up new opportunities.”

Atlantic City, with its resort industry, is seen as a significant factor for the airport’s passenger growth.

A study of a possible takeover by the Port Authority will review the financial, legal, environmental and business issues involved.