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In reply to the discussion: Christie Crime Digest-Vol. I [View all]rocktivity
(44,576 posts)232. More about the casino
According to The Asbury Park Press, Chatham Asset Management owns 28 percent of the "troubled property":
Investing in a hedge fund that is a major owner of a property that emerged from bankruptcy protection last year from nearly $1.5 billion in debt seems to be taking risk to a whole new level...
The decision by the Investment Council to sink $300 million into the Chatham hedge fund seems to mirror the Christie administration's attachment to Revel, a dinosaur from the minute it opened...Revel, which cost $2.4 billion to build, is expected to be sold sometime this year for as little as $200 million to $300 million. It continues to have difficulty attracting customers, ranking ninth out of 11 casinos in the state.
That didn't stop Gov. Chris Christie from doing all he could to help the casino succeed, including giving it $261 million in New Jersey tax money via credits once it turned a profit - a profit that never materialized. In March 2012, at the resort's opening, Christie called the completion of Revel and its opening "a turning point for Atlantic City and a clear sign that people once again have faith in the city's ability to come back and be successful."
Rather than being the game-changer for Atlantic City Christie had promised, Wall Street casino analysts say Revel has not expanded the market, as once hoped. Instead, the gaming market there has continued to shrink.
The decision by the Investment Council to sink $300 million into the Chatham hedge fund seems to mirror the Christie administration's attachment to Revel, a dinosaur from the minute it opened...Revel, which cost $2.4 billion to build, is expected to be sold sometime this year for as little as $200 million to $300 million. It continues to have difficulty attracting customers, ranking ninth out of 11 casinos in the state.
That didn't stop Gov. Chris Christie from doing all he could to help the casino succeed, including giving it $261 million in New Jersey tax money via credits once it turned a profit - a profit that never materialized. In March 2012, at the resort's opening, Christie called the completion of Revel and its opening "a turning point for Atlantic City and a clear sign that people once again have faith in the city's ability to come back and be successful."
Rather than being the game-changer for Atlantic City Christie had promised, Wall Street casino analysts say Revel has not expanded the market, as once hoped. Instead, the gaming market there has continued to shrink.
The casino gambling market is shrinking? Maybe that's because people would rather stay home and gamble online:
In March 2013, New Jersey officials forecast that online gambling would yield somewhere in the neighborhood of $180 million in tax revenues for the state during the first fiscal year Internet gaming was legal. But the estimates have been falling ever sinceto $160 million when Chris Christie signed the state budget last summer, and down to just $34 million earlier this year, after a few months of legalized online gambling had passed. More recently, the state treasurer said that no more estimates on online gambling revenues would be made public...
Oh. Well, maybe a better slogan would help Revel:
[CENTER][/CENTER]
[FONT SIZE="1"]*New Jersey state employees need not apply -- you've already gambled your pension on Chris Christie. And lost.[/FONT]
rocktivity
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Let us not forget the DMV in Elizabeth. I'm still "sauced" over that one..LOL...n/t
monmouth3
Jan 2014
#7
Is it your prediction that Christie will be charged with a crime or crimes?
Exciting Trip
Jan 2014
#48
Since I believe that it's DOING something criminal that makes you a criminal
rocktivity
Jan 2014
#50
For the record, I think he should be charged and am cautiously optimistic that he will be
rocktivity
Jan 2014
#54
The New Brunswick apartment tower that got $4.8 million in Sandy relief funds
LiberalEsto
Jan 2014
#65
Next time you write a post like this, put it in its own OP, please , so more people can see it.
pnwmom
Feb 2014
#89
Christie begins an "internal investigation" though he's his own prime suspect
rocktivity
Feb 2014
#94
Christie's problem being, of course, is that Samson reports to him directly
rocktivity
Mar 2014
#130
Christie administration broke law in ignoring greenhouse gas rules, court says
rocktivity
Mar 2014
#162
New York Prosecutors Open Another Front of Scrutiny for Port Authority!
yortsed snacilbuper
Apr 2014
#203
"kicked $10,000 of it right back to the Republican Governor's Association?"
yortsed snacilbuper
Apr 2014
#213
GWB inquiry expands scope, subpoenas files from Christie political strategist!
yortsed snacilbuper
May 2014
#223
Christie and Wrestler "The Rock" Star in Online Pension Reform Video (For Seven Hours)
rocktivity
Jul 2014
#235
U.S. Attorney Fishman: Reports about Bridgegate investigation 'Almost entirely incorrect'
rocktivity
Jul 2014
#238
Gov. Christie Shifted Pension Cash to Wall Street, Costing New Jersey Taxpayers $3.8 Billion
rocktivity
Aug 2014
#241
...After Illinois declared the first privately run U.S. state lottery a failure
rocktivity
Dec 2014
#298