In case you didn’t see this item published in
National Review (September 8, 2014, The Week, p. 10):
“New Jersey governor Chris Christie made a big bet on a casino in Atlantic City and lost. After putting $260 million in tax credits on the table, plus millions for worker training and infrastructure investments, the taxpayers of New Jersey are saddled with a white elephant: The casino, housed in the largest and most prominent building in Atlantic City, has gone into bankruptcy twice and will close its doors in September, putting some 3,100 people out of work.
Governor Christie should have known better: Investors had been walking away from the project for years, with Morgan Stanley taking a loss of nearly $1 billion rather than moving forward as an investor and the Export-Import Bank of China considering and then rejecting an investment in the casino.
Gambling has always been a rotten business, but with casinos springing up everywhere from rural New York to the suburbs of Philadelphia, Atlantic City’s former monopoly position for East Coast gambling has been steadily eroding.
The next time a politician comes along talking about making “investments” for jobs and growth, remember that government is a terrible gambler and a worse investor. Leave it to government to turn gambling into a business where the house always loses.”
– Jon Dogar-Marinesco