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Gov. Corzine Announces AC Casino Projects Financing Looks Solid

On March 6th, 2008, funding two planned mega casino facilities which is valued at $7 billion appears a sure thing and a third should still get constructed even if it is slowed down by the listless economy, according to Governor Jon. S. Corzine. Corzine also pushes the totally smoke free casino facilities and commented that he would approve a law that will keep gaming halls open for business even if the state government grinds to a halt as long as the constitutional blocks with doing that are reviewed.

Just last week, Pinnacle Entertainment commented that the sluggish credit market might push hem to delay or even abandon their casino-hotel plans on Las Vegas if credit lending remains a problem. Corzine said that this situation is something that he is familiar about. Corzine is the former chairman of the banking investment organization Goldman Sachs.

As the two other casino plans on the planning board in Atlantic City, Corzine commented that both the MGM Atlantic City five billion dollars project and the $2 billion Revel Entertainment project appear to be on solid ground. Corzine also added that he would approve a law assigning casino inspectors as important personnel that would still have to work even in the event of a government shutdown-if the lawmakers can produce a way to put it in the constitution about borrowing legislative authority and the meaning of being essential staff.

A shutdown that happened on the government back in 2006 resulted in the closure of the casino facilities for about three days. The president of the Casino Association of New Jersey Joe Corbo commented that the state has yet to find a way to approve such a law. Corzine commented that Atlantic City should not accept the first offer it gets for the 150 acre property at Bader Field that is being eyed as many as four gaming organizations.

Penn National Gaming has offered to pay the government $800 million dollars for the property and $100 million for Atlantic City for tax relief. Concerning the smoking ban issue, Corzine commented that he considers the ban that is being imposed on Atlantic City is only temporary until the right time came for a total ban.


03/19/2008 23:14 PM
Ann Pettersson