Revel closure brings problems for New Jersey Governor

A closed-door, bipartisan summit is being held in New Jersey on Monday to address the impact of the closure of the massive Revel casino and three other casinos that have closed or will soon do so.The closure of the $2.4 B Revel casino just two years after its lavish opening, including a performance by megastar Beyoncé, has wiped out thousands of jobs andlead to an “implosion” of the gambling industry in the state, the Washington Post reports.When Morgan Stanley walked away after investing a billion dollars in the project newly elected Governor Chris Christie lured new investors with tax incentives to complete the stalled project.The casino’s opening in 2012 was to provide 5,000 “permanent” jobs and revitalize the city, “a clear sign that people once again have faith in the city’s ability to come back,” Christie said at the time.“Rather than serve as a shining example of Christie’s economic stewardship, Revel now stands as a 57-story example of failure in a city that has bedeviled New Jerseygovernors for decades, the paper reports. The expected tide of day trippers from neighbouring states never came and rather than cannibalize revenue from existing casinos as some feared at the time, Revel has never made a profit.

Latest Intelligence

Latest issue

PATA CEO sees slow recovery, but optimism for future

AGB Podcasts