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New Jersey lawmakers passed legislation on Monday to prevent voters from having a say on projects funded by state stimulus money; however opponents of a $300 million tax break for a Revel casino under construction in Atlantic City rallies to as the governor to reject the incentive.
The strong opposition to Revel Entertainment’s application for a tax break is what led state legislators to pass the measure as they were eager to move the project along.
Bob McDevitt, president of the Unite-HERE union and former Republican gubernatorial candidate Steve Lonegan and his group, Americans For Prosperity says the tax break incentive is not fair to other casino operators in the state.
“If the governor is serious about initiative and referendum and on return on investment and providing a fair playing field for all of Atlantic City at once, there is no choice but to deny this bailout,” McDevitt said.
If approved the casino would be reimbursed three-fourths of its sales and room taxes for 20 years, the move is an incentive to push the developer to complete stalled construction to help the gambling market fight off competition from slots parlors in neighboring states, many of which will soon offer table games that will directly compete with the shore’s resorts.
Revel is currently seeking financing to complete the projects interior, which could open in 2011 if financing is secured timely. The tax break is seen by company officials as a necessity to attract investors.
However Governor Chris Christie would not say whether he would sign the bill or whether he supported the tax incentive.
A spokesman for the Governor’s office said the bill was being reviewed by legal counsel and the Revel application is being considered by the state Economic Development Authority.
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