Revel Back to Bankruptcy Court

By Matt Rooney | The Save Jersey Blog

The_CardsharpsHere we go again, Save Jerseyans.

Revel is heading back to bankruptcy court for the second time in just two years, according to sources familiar with the filing. The perpetually troubled casino allegedly can’t meet its quarterly property tax obligation to Atlantic City and it is warning employees of dire consequences as soon as August:

“Revel sent out a statement saying they’re looking for a new owner and will do so through Chapter 11 bankruptcy. And the company gave its 3,100 employees letters warning they’ll shut down and could be out of work as soon as August 18th if there’s no buyer.”

There had been hope that a new investment group, which had only received gaming commission approval four months ago, might be able to right the ship aided by a $261.4 million state tax reimbursement from the state phased-in over 20 years. Oops. Some of us said that was a bad investment for taxpayers but hey, what do we know?

We’ve only seen corporate welfare fail 1,000-times before.

And guess who makes up the difference when a company can’t (or is relieved from the responsibility of) paying its taxes? You and I via state aid.

 

I hope at least some of you are starting to see why our state government continues to engender successive fiscal crises… these types of bad gambling decisions make’em inevitable and bias the odds forever against us…

 

Matt Rooney
About Matt Rooney 8403 Articles
MATT ROONEY is SaveJersey.com's founder and editor-in-chief, a practicing New Jersey attorney, and the host of 'The Matt Rooney Show' on 1210 WPHT every Sunday evening from 7-10PM EST.

3 Comments

  1. Chances are Hard Rock Casino will buy it and it will continue to pay property taxes. I can show you photos of the boarded up abandoned buildigngs that once sat on that land and were a complete eyesore. How much in property taxes do you think they were paying?

  2. Oh yes it does. At the time, if you recall, the Revel might’ve not gotten out of the construction phase were it not for promises from the state to its investors. It was built on a lie. Now every single time the casino can’t pay its taxes, Atlantic City grows a little more dependent on state aid (paid by the rest of us), and we don’t even get to recoup millions of those dollars on the back-end even if it does survive! Oops times $261.4 million…

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