New Jersey Purchases Small Stake In Casino, Construction Continues

February 2nd, 2011 – by Glen Farmer

It has been two years since construction work on the Revel Hotel and Casino in Atlantic City had occurred, but recent developments have resumed the construction on the casino.

The construction has picked back up due to the state of New Jersey contributing a stake of $261 million into the construction costs. The contribution was announced by Governor Chris Christie, who issued several statements regarding the gambling industry in New Jersey on Tuesday.

“The state will put its efforts and its credibility and its money where its mouth is,” stated Christie.

Governor Christie also signed off on several pieces of legislation that would help to deregulate the gambling industry in Atlantic City in order to make it easier for the casinos to operate. Christie’s efforts are to reinvigorate the state’s gambling industry, which has been ailing over the past few years.

Under the conditions of the state’s stake in the Revel Hotel and Casino, the state will be a 20 percent partner. The state will not have to concern itself with any losses the casino may experience, though they will receive a cut of the profits until the $261 million is recouped.

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