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About the time NAPSLO 2014 begins, Atlantic City’s newest luxury casino, “Revel,” will close its doors after only two years in operation (including two bankruptcies in that time).  It’s yet another major loss for Atlantic City, which depends on the casino industry for a full 70% of its tax revenue.  In August, Moody’s cut the rating for the city’s $245M in general obligations to junk, and Atlantic City’s already high 13.1% unemployment rate will increase further with the loss of an estimated 3,100 Revel jobs.  There is also a huge potential loss for the lenders, who thought it was a good idea to invest $2.4B – $2.6B to build the state-of-the-art-facility, not to for mention New Jersey taxpayers (see: me) who pledged $261M in tax incentives to hasten Revel’s completion.  Clearly, some smart people seem to have been worried about the wrong things when planning this failed casino.

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