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In reply to the discussion: Christie Crime Digest-Vol. I [View all]Laxman
(2,419 posts)287. Hidden In The Revel Casino Disaster.....
is the $300 million dollar investment in the Casino of public employee pension funds-all down the drain! Robert Grady, Chatham Asset Managers-they win. Public employees-they lose.
State takes $300 million pension gamble on Revel Casino owner
Atlantic City's beleaguered Revel Casino & Hotel has lost millions from the start, but that hasn't stopped New Jersey's pension system from placing a $300 million bet with the largest owner of the oceanfront resort.
The state agency that oversees the multibillion-dollar employee pension funds voted late last year to invest $300 million with Chatham Asset Management, the hedge fund that owns 28 percent in the troubled casino property.
The investment deal is complex. Although the state plans to invest in Chatham, treasury officials say the transfer of funds won't happen until later this year when Chatham said it hopes to shed itself from the faltering casino. But treasury officials told the State Investment Council that there is no firm timetable for when Chatham will be out of Revel.
The 1,399-room Revel emerged from bankruptcy protection last year from nearly $1.5 billion in debt yet continues to have difficulty attracting customers. It ranked ninth out of 11 casinos in revenue last month, and is expected to be sold sometime this year for as little as $200 million to $300 million, a far cry from the $2.4 billion it cost to build.
The 47-story Revel, touted by Gov. Chris Christie as a model for Atlantic City's rebirth, has been a tremendous failure. It lost more than $100 million in its first year of operations.
Touted as a job creator, Revel was expected to employ 5,500 people but now has about 2,800 on staff. Meanwhile, as Atlantic City continues to struggle to compete with casinos in Pennsylvania and New York, the city's Atlantic Club Casino shut down in January, laying off 1,600 workers.
Atlantic City's beleaguered Revel Casino & Hotel has lost millions from the start, but that hasn't stopped New Jersey's pension system from placing a $300 million bet with the largest owner of the oceanfront resort.
The state agency that oversees the multibillion-dollar employee pension funds voted late last year to invest $300 million with Chatham Asset Management, the hedge fund that owns 28 percent in the troubled casino property.
The investment deal is complex. Although the state plans to invest in Chatham, treasury officials say the transfer of funds won't happen until later this year when Chatham said it hopes to shed itself from the faltering casino. But treasury officials told the State Investment Council that there is no firm timetable for when Chatham will be out of Revel.
The 1,399-room Revel emerged from bankruptcy protection last year from nearly $1.5 billion in debt yet continues to have difficulty attracting customers. It ranked ninth out of 11 casinos in revenue last month, and is expected to be sold sometime this year for as little as $200 million to $300 million, a far cry from the $2.4 billion it cost to build.
The 47-story Revel, touted by Gov. Chris Christie as a model for Atlantic City's rebirth, has been a tremendous failure. It lost more than $100 million in its first year of operations.
Touted as a job creator, Revel was expected to employ 5,500 people but now has about 2,800 on staff. Meanwhile, as Atlantic City continues to struggle to compete with casinos in Pennsylvania and New York, the city's Atlantic Club Casino shut down in January, laying off 1,600 workers.
Read more here: http://www.courierpostonline.com/story/money/business/2014/03/15/state-takes-300-million-pension-gamble-on-revel-casino-owner/6472093/
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Let us not forget the DMV in Elizabeth. I'm still "sauced" over that one..LOL...n/t
monmouth3
Jan 2014
#7
Is it your prediction that Christie will be charged with a crime or crimes?
Exciting Trip
Jan 2014
#48
Since I believe that it's DOING something criminal that makes you a criminal
rocktivity
Jan 2014
#50
For the record, I think he should be charged and am cautiously optimistic that he will be
rocktivity
Jan 2014
#54
The New Brunswick apartment tower that got $4.8 million in Sandy relief funds
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Jan 2014
#65
Next time you write a post like this, put it in its own OP, please , so more people can see it.
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"kicked $10,000 of it right back to the Republican Governor's Association?"
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#298