Tuesday, September 2, 2014

NJ taxpayers came up craps on Revel casino. Right?

                                                             Aaron Houston photo
Actually, no.

The common belief is that New Jersey took a sucker bet on the $2.4 billion Revel Casino and lost big. (The casino spun its last roulette wheel minutes before going belly today at 5 a.m.)

But, it turns out that the state never paid out a penny of the $261.3 million Economic Redevelopment and Growth tax credit awarded to the project by the state Economic Development Authority in 2011.  

NJBIZ's Andrew George offers this quote today from Tim Lizura, EDA president and chief operating officer:

“To be clear, Revel has not received one penny of its ERG award,” said  “These incentives have built-in safeguards to ensure taxpayer money is used responsibly. Before receiving any of their approved award, projects must first generate new tax revenue, complete capital investments and/or hire or retain employees.”

Read the full story here  

Related news stories: 

It Used to Be a World-Renowned Gambling Resort
Atlantic City's gambling industry woes continue with closure ...
Revel casino goes dark after just 2 years - KOTV.com 
Inside the $2 Billion Bust: Atlantic City's Big Bet, the Revel Casino, Closes 

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