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City Council To Become Financing Partner With Revel Entertainment

   City Council Ordinance-59 would have City Government loan its credit rating to Revel Entertainment for its casino project.  If you click on the link above, you can read the ordinance yourself.

   This degree of partnership between city government and a casino developer is entirely inappropriate.  The role of government is not to undertake business deals.  How is it fair for government to get out of its way and bend rules for a casino developer?  Laws should be simple, fair, and be applied equally to all.  Government is to maintain the rule of law so that people may conduct fair and equable business.  Here is a previous post outlining my position.

   The ordinance was adjourned at last night’s City Council meeting.  It will next be considered at 6 August’s City Council meeting.  Take the time to let City Councilmen know that you do not want them using taxpayers’ good credit to underwrite Revel’s shaky financial capital.

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About Jesse O. Kurtz

I am committed to fulfilling the promise of Atlantic City. The town would benefit from greater political participation by average citizens. Hopefully, some of the posts herein will encourage you to get more involved in your community. This blog will also feature other topics and subjects beyond Atlantic City. I hope that you will come to love Atlantic City as much, or more than I do.

Discussion

5 thoughts on “City Council To Become Financing Partner With Revel Entertainment

  1. I disagree with you here, Jesse. This is an entirely appropriate role for the city to play. Remember, Revel isn’t using this bond money to build its resort, it’s using the money to build roads and infrastructure leading into the resort. But turning down this opportunity, the city would be sending a message to other casino operators looking to come to town that it isn’t development friendly. It also sends the message to the investment community that the city is willing to help developers in any way it can, something that wasn’t true in the past

    No taxpayer money will be at risk. In the unlikely event that Revel goes belly up, the city could seize the land. But the groups that have already invested money in the company would not let that happen, so the city would be made whole. So there is no risk to the city, and it gets a new road system essentially at no cost. Isn’t that what the city is supposed to do? Build roads and infrastructure? And this way, it’s done at no cost to the city. No-brainer, IMHO.

    Posted by dave202 | July 25, 2008, 12:39 pm
  2. I hate to say this, but dave is right

    Posted by keylargododge | July 25, 2008, 4:41 pm
  3. I totally disagree with dave! As a resident of Atlantic City, I have learned that the role of government is to provide jobs, contracts, and lawsuit settlements to the friends and family members of certain people.

    As far as being developer friendly, who cares? What have casinos done for us? There are no jobs in Atlantic City, no restaurants, no nothing. We don’t need to be helping some rich corporation build some roads, we need to find a way to get some of their money without working for it.

    Posted by saywhat | July 26, 2008, 1:30 am
  4. Hey saywhat, move to Camden, see what the acquarium has dome for that fine city.

    Posted by Alan Davis | July 26, 2008, 5:53 pm

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