New Jersey Governor Chris Christie happens to be challenged by casino workers over jobs, as three associated with the city’s casinos face imminent closing. Christie, who was simply at Ocean City Town Hall to discuss retirement reforms, was greeted on his arrival by a group of workers from the threatened Revel, Showboat and Trump Plaza, chanting ‘Save our Jobs’ and ‘Five Year Promise.’
Each year to bring more flights to the Atlantic City airport, promote more convention business and raise private investment into the casino market in 2011 Christie issued a five-year plan that promised to fix the New Jersey economy, offering millions of dollars.
Revel was a key ingredient to Christie’s designs for Atlantic City. Conceived before the recession, construction of the Revel project started in 2008, simply once the downturn in the economy hit, and Revel Inc found itself in financial dire straits, particularly when backers, Morgan Stanley, pulled out soon after.
The whole task has been a complete catastrophe, consistently losing money since it opened in 2012 and more recently hemorrhaging $2 million each week
Christie, for whom Revel represented the promise of a gleaming, revitalized Atlantic City, intervened having a $261 million dollar bailout in income tax credits and new loan, hopeless to understand $2.4 billion project through to conclusion.