New Jersey Governor Chris Christie happens to be challenged by casino employees over jobs, as three associated with the city’s casinos face imminent closure. Christie, who was at Ocean City Town Hall to discuss pension reforms, was greeted on their arrival by a small grouping of workers from the threatened Revel, Showboat and Trump Plaza, chanting ‘Save our Jobs’ and ‘Five Year Promise.’
In 2011 Christie issued a five-year plan that promised to correct the New Jersey economy, providing millions of bucks every year to bring more routes to the Atlantic City airport, promote more convention business and raise private investment into the casino market.
Revel was a key ingredient to Christie’s designs for Atlantic City. Conceived before the recession, construction of the Revel project started in 2008, just while the downturn in the economy hit, and Revel Inc discovered itself in financial serious straits, specially when backers, Morgan Stanley, pulled down soon after.
The project that is entire been a complete tragedy, consistently losing profits since it opened in 2012 and much more recently hemorrhaging $2 million each week
Christie, for whom Revel represented the promise of a gleaming, revitalized Atlantic City, intervened with a $261 million dollar bailout in taxation credits and new loan, desperate to see the $2.4 billion project right throu (more…)