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View Diary: NJ Casino Declares Bankruptcy In 10 Months, Gov. Christie's Bad Bet Will Cost Taxpayers Millions (184 comments)

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  •  Don't tax breaks (3+ / 0-)
    Recommended by:
    eXtina, mconvente, NancyWH

    get washed out in bankruptcy along with the debt?

    Fake Left, Drive Right . . . not my idea of a Democrat . . .

    by Deward Hastings on Thu Feb 21, 2013 at 11:33:32 AM PST

    •  the money is gone - taxpayers won't get it (9+ / 0-)

      back, Atlantic City residents are having new taxes imposed on them - please read the article!

      "I'm sculpting now. Landscapes mostly." ~ Yogi Bear

      by eXtina on Thu Feb 21, 2013 at 11:34:59 AM PST

      [ Parent ]

      •  I read the article (4+ / 0-)
        Recommended by:
        eXtina, Dirtandiron, DocGonzo, mconvente

        and couldn't determine how much public funds had already been spent.

        Between the pledges, tax credits, grants, and debt that was mentioned, I couldn't tell the total amount of funds to date was sunk. [after all, the pledges, tax credits, and grants probably won't be used now, right?]

        The banks have a stranglehold on the political process. Mike Whitney

        by dfarrah on Thu Feb 21, 2013 at 03:01:35 PM PST

        [ Parent ]

        •  Correct there is no accounting per se but (2+ / 0-)
          Recommended by:
          oldcatlady, Dirtandiron

          the thing was built and not without public help. Is it okay or isn't it for businesses to receive gov't help especially one that is such an obvious loser? The point here is the hypocrisy. Solyndra bad, Revel good. ARC Tunnel bad, Revel good. They want to have their cake and eat it too. Supposedly right wing wackos are for the free market. Except when they're not.

          "I'm sculpting now. Landscapes mostly." ~ Yogi Bear

          by eXtina on Thu Feb 21, 2013 at 03:32:08 PM PST

          [ Parent ]

          •  I realize that you're pointing (4+ / 0-)
            Recommended by:
            eXtina, Paper Cup, DocGonzo, mconvente

            out the hypocrisy, but an amount indicating expenditures to date would be helpful.  If there has been public assistance, there should be some record of how much has been spent to date [except if you're in Iraq....where pallets of cash get lost].

            The banks have a stranglehold on the political process. Mike Whitney

            by dfarrah on Thu Feb 21, 2013 at 04:41:16 PM PST

            [ Parent ]

            •  That's probably weeks worth of research by a (1+ / 0-)
              Recommended by:
              Dirtandiron

              professional journalist to track down, if public records are available. As it is, for a dkos 'reporter', where there's smoke there's fire

              "I'm sculpting now. Landscapes mostly." ~ Yogi Bear

              by eXtina on Thu Feb 21, 2013 at 06:52:28 PM PST

              [ Parent ]

            •  Most of Public Money Not Lost (2+ / 0-)
              Recommended by:
              eXtina, mconvente

              Starting in 2012 when it opened, the casino was given "$261.4 million in state tax credits over the next 20 years". If it was a steady annual credit, that's possibly only $26M in tax credit for the one year. And since its bankrupt in the first year, it probably doesn't owe any taxes anyway, regardless of the tax credit deal.

              In fact the tax credit was a decent way to protect the state from losses while encouraging the project and private investment that could count an extra quarter $BILLION in profits if successful. If that's the best investment by NJ.

              So yes, the main point of this article is that Christie's priorities are wrong: a risky losing casino further sinking Atlantic City, rather than a tunnel to NYC that was guaranteed to succeed in both stimulus and payoff, economically and in quality of life.

              But the actual cash cost to NJ is probably only 10% of what this article charges. Because NJ didn't risk it all up front.

              No wonder the casino went under, with even NJ government officials betting with their heads, not over it.

              "When the going gets weird, the weird turn pro." - HST

              by DocGonzo on Fri Feb 22, 2013 at 05:09:47 AM PST

              [ Parent ]

              •  I didn't say that the (0+ / 0-)

                money was lost.

                I was asking why there were no definite figures as to how much public money had been spent already on the project - the diary is a bit unclear.

                As to the credits and pledges, well, those don't appear to have kicked in yet.

                The banks have a stranglehold on the political process. Mike Whitney

                by dfarrah on Fri Feb 22, 2013 at 07:17:21 AM PST

                [ Parent ]

                •  because it hasn't been added up (0+ / 0-)

                  no one really knows right now

                  who knows how much is being withdrawn from worker's paychecks as state income tax but not disbursed to the state but rather back to the casino? highly doubt anyone has added that up, along with all the other such amounts, like property tax rebates -which have yet to be paid

                  "I'm sculpting now. Landscapes mostly." ~ Yogi Bear

                  by eXtina on Fri Feb 22, 2013 at 01:52:35 PM PST

                  [ Parent ]

                •  Money Is Lost (0+ / 0-)

                  You don't seem to understand that NJ sold dozens, perhaps hundreds of $millions in bonds to cover the property tax credits. That is real cash - with interest - that NJ actually has to repay from taxes, cash NJ has lost. Without the casino bringing any benefit to justify the expense.

                  "When the going gets weird, the weird turn pro." - HST

                  by DocGonzo on Fri Feb 22, 2013 at 04:28:47 PM PST

                  [ Parent ]

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