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Response to rocktivity (Reply #231)

Thu Jul 10, 2014, 03:53 PM

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 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 since—to $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:


*New Jersey state employees need not apply -- you've already gambled your pension on Chris Christie. And lost.


rocktivity

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