Christie Administration Continues to Gamble Public Money on Revel Casino

promo213863266Governor Chris Christie made it a point to give special breaks to build Revel Casino.

(Read -?Special tax breaks like those proposed for Revel caused Atlantic City to fail)

This is despite the warnings from our group and others (Local 54) that this would cause other casinos in Atlantic City to close.

(Read -?Atlantic Club Casino (Steve Wynn?s original Golden Nugget) in Atlantic City will close in three weeks?just as we predicted.)

Asbury Park Press?reveals that Governor Christie is doubling down on his bad bet by investing public pension money in Revel Casino. ? They report:

Atlantic City?s beleaguered Revel Casino & Hotel has lost millions from the start, but that hasn?t stopped New Jersey?s pension system from placing a $300 million bet with the largest owner of the oceanfront resort.

The state agency that oversees the multi-billion dollar employee pension funds late last year supported investing $300 million with Chatham Asset Management, the hedge fund that owns 28 percent in the troubled casino property.

[…]

The 47-story Revel, touted by Gov. Chris Christie as a model for Atlantic City?s rebirth, has been a tremendous failure. It lost more than $100 million in its first year of operations.

Touted as a job creator, Revel was expected to employ 5,500 people but now has about 2,800 on staff. Meanwhile, as Atlantic City continues to struggle to compete with casinos in Pennsylvania and New York, the city?s Atlantic Club Casino shut down in January, laying off 1,600 workers.

Two members of the Investment Council, which oversees the $76 billion of public employee retirement funds, asked questions about Chatham?s investment in Revel, minutes of the?Nov. 21?meeting showed.

When will the Christie Administration say enough is enough and stop using the public purse to prop up Revel? ? When will the people of New Jersey put an end to these special deals for political insiders?

(Image source – http://localtvwhotv.files.wordpress.com/2014/01/promo213863266.jpg)

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