To the Editor:
A recent article about fixing Atlantic City casinos made my skin crawl and my heart palpitate. Reading words of casino “resorts” executives saying how the state needs to help them make more money doesn’t cut it anymore.
We heard all this gaming language garbage before from past Gov. Christie when he bullied $300 million from school employees’ pension funds for Revel Casino. Christie was not a well-versed and trained capitalist like Republicans should be. Just look at his bad business decisions involving other people’s money using pension money and bad business tax breaks to prosper the Revel Casino.
He said, “Revel is a model for Atlantic City’s rebirth.” It was more like a death knell.
Atlantic City casinos and government handouts aren’t a good bet. These words are used to justify the $300 million pension fund shift through his friends at hedge fund Chatham to help finance the casino. As it turns out, it wasn’t a loan. There is no guarantee of repayment.
Now, add to that the 2011 $261.4 million state tax incentive package, which is to be paid back over 20 years but only begins to be paid once the casino shows a profit. How can that happen if it is bankrupt and is trying to sell out?
State money to the casinos is a bad bet. Don’t touch my pension and get the $300 million back.
