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(The New York Times)   The Atlantic City plan for success. Step 1: Build a $2.4 billion dollar casino. Step 2: Lose $1 billion over the next two years. Step 3: Close   (dealbook.nytimes.com) divider line 2
    More: Sad, Morgan Stanley, Atlantic City, revelations, resorts  
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1290 clicks; posted to Business » on 12 Aug 2014 at 7:35 PM (5 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-08-12 11:24:26 PM
1 votes:

cameroncrazy1984: Debeo Summa Credo: BMFPitt: Debeo Summa Credo: BMFPitt: Verrai: BMFPitt: FormlessOne: The fun part is realizing that this is yet another one of Chris Christie's abject failures.

Dammit, Christie!

Why did you open all those casinos in neighboring states?

He spent $1 billion of taxpayer money on this particular casino.

How did I miss that?

OK, so now I want to hit him with a rolled up newspaper and teach him to stop giving out corporate welfare.

As I understand it the money provided to Reval was in the form of a tax abatement over the next 20 years.

Since they went out of business, they never had/will have the sales and income to be taxed, so there will be no abatement.

In other words, your outrage is over nothing.

Why should I not be outraged because he failed to steal my money due to his incompetence?

Facepalm. He didn't steal your money. He attempted to raise revenue by offering an incentive for the casino to open there/stay open, by giving them a discount on future tax revenue. Somewhat of a no lose proposition.

So  I should be outraged that Christie cut programs in future budgets in order to finance a failed casino.


Once again you misunderstand. If this had worked (the tax abatement)and revel had existed for 20 years, overall tax revenues would have been greater than if revel did not exist. In other words there would have been more money for programs in future budgets.

As it happened, revel failed. But since the tax abatements were to come out of future tax revenue, no tax abatements were received by revel. So you have nothing to whine about. Not that that's ever stopped you.
2014-08-12 10:38:39 PM
1 votes:

BMFPitt: Verrai: BMFPitt: FormlessOne: The fun part is realizing that this is yet another one of Chris Christie's abject failures.

Dammit, Christie!

Why did you open all those casinos in neighboring states?

He spent $1 billion of taxpayer money on this particular casino.

How did I miss that?

OK, so now I want to hit him with a rolled up newspaper and teach him to stop giving out corporate welfare.


As I understand it the money provided to Reval was in the form of a tax abatement over the next 20 years.

Since they went out of business, they never had/will have the sales and income to be taxed, so there will be no abatement.

In other words, your outrage is over nothing.
 
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