Christie's Gamble on Atlantic City Casino Coming Up Craps

Image: Christie's Gamble on Atlantic City Casino Coming Up Craps

Monday, 07 Jul 2014 06:04 PM

By Cathy Burke

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
Atlantic City's newest casino, built with the help of $261 million in state tax credits — and hailed by New Jersey Gov. Chris Christie as a "game-changer" when it opened in 2012 — could soon close if it doesn't find a buyer.

Twice-bankrupt Revel, a 70-story, glass-encased structure built for $2.4 billion, isn't expected to attract more than a few hundred million at auction Aug. 6, USA Today reports. 

Urgent: Don't Underestimate Your Risk for Heart Disease. Free Online Test Now

Its workers were told if no buyer is found by Aug. 18, the casino will closed Sept. 1, the Philadelphia Inquirer reports. 

Revel's dismal prospects come three years into Christie's last-ditch, five-year revival plan for the iconic beach resort, where casino revenues have been down almost every month for the past eight years, USA Today reports.

The resort's fading fortunes can be blamed on a glut of casinos, the reports note. Just in the Northeast, 26 casinos have opened in the last decade, including a dozen in Pennsylvania, the Inquirer reports. A 27th opens in Baltimore in early August.

In Atlantic City, two other big casino-resorts are already doomed; Atlantic Club closed in January, and Showboat is set to shutter next month, the reports say.

Christie's revitalization plan had aimed to use a state-run Tourism District to better police and spruce up the area around the casinos and the Boardwalk, and to try to attract more meetings, conventions and non-gaming tourists to fill rooms off-season and mid-week, USA Today noted.

Revel was supposed to be part of the new approach.

Yet a Christie spokesman insists the governor remains committed to the comeback plan.

"There have been signs of progress in Atlantic City, but challenges still remain," spokesman Kevin Roberts told the Inquirer. "The governor is committed to seeing the five-year period through."

With the spate of closures, Mayor Don Guardian — the first Republican to lead the city since 1990 — has asked the state for millions of dollars in state aid to balance next year's budget; each casino is a major taxpayer, contributing millions in property tax revenue for the city the Inquirer reports.

Things are unraveling quickly for Revel, the Inquirer reports; according to its last bankruptcy filing in late June, Revel is losing $2 million a week.

"It's a gaming town that's no longer a monopoly," Guardian has said, the Inquirer reports. "The market is going to determine how many casinos Atlantic City can have that can be successful.

"We don't know what that is."

Vote Now: Do You Approve Or Disapprove of President Obama's Job Performance?

Related Stories:

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Quinnipiac: Only 47% of New Yorkers Support de Blasio

Thursday, 18 Dec 2014 13:56 PM

Support for Bill de Blasio's efforts as New York City mayor continues to decline as the gap between how black and whites . . .

Pension Deal in $1.1T Budget Bill Hits Retired Women Hard

Thursday, 18 Dec 2014 13:38 PM

Retired women who rely on their pensions to purchase necessities like food and medicine will be the ones hurt most by a  . . .

Viewers Want FCC to Flag Tom Brady for On-Air F-Bombs

Thursday, 18 Dec 2014 13:23 PM

The Federal Communications Commission (FCC) has received three formal complaints from television viewers who are objecti . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved