Mazzeo Statement on N.J. Public Pension Funds Invested in Companies Tied to Showboat Casino

(NORTHFIELD) – New Jersey Assemblyman Vince Mazzeo (D-Atlantic) released the following statement Thursday regarding a letter he sent to Chris McDonough, director of the New Jersey Division of Investment, regarding public pension funding invested in companies that own and operate the Showboat casino, which is scheduled to close on Aug. 31 despite profitability.
“More than $1.7 billion in New Jersey public pension money has been invested in the companies that own and operate Caesars’ four casinos in Atlantic City, including Showboat, which is slated to close later this summer despite its profitability.
“We need to take a long hard look at how and why state funds are propping up multi-billion dollar companies at the expense of Atlantic City’s workers and economic viability.
“I urge the State Investment Council to implore TGP Capital and Apollo Management to keep the Showboat open for business, and, if not, take the necessary steps toward divesting from these companies that are prioritizing profit over New Jersey’s hard-working middle-class families.”