Gusciora: ‘Advance to Go’ on A.C. Bailout

(TRENTON) — Assemblyman Reed Gusciora (D-Mercer) had the following published recently in the Asbury Park Press:

“In the past, Atlantic City’s success mirrored the strategy of Monopoly — the more properties you acquire, the more development you build, the more financial rewards could be had. New Jersey taxpayers invested $300 million to help build the Revel Hotel and Casino. But in the end, this supposed game-changer investment was like a bad card from the “Chance” pile.

“Making matters worse, four of Atlantic City’s 12 hotels and casinos closed their doors. Three more are currently in bankruptcy, “taking advantage of the laws” as Donald Trump would say. Moreover, some hotels are filing for property tax appeals since their land has devalued. In fact, the Borgata casino is receiving nearly $150 million based off a recent judgment alone…”

To read the rest of Assemblyman Gusciora’s op-ed, click here.