Monday, November 11, 2013

Christie's Economic Development Successes

Gambling his way to prosperity.
ATLANTIC CITY — Six months after exiting bankruptcy court, Atlantic City's newest casino may be up for sale — or headed back to bankruptcy.


Kevin DeSanctis, Revel’s chief executive, was unable to secure new financing until the state stepped in last Feb. 1 with a $261 million tax credit and a pledge from Gov. Chris Christie, a Republican, to invest in the flailing tourism industry.

Within days, investors got in line behind the project and delivered $1.1 billion needed to finish it.