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 After the closed-door meeting held a week before the expected
closure of yet another casino, Christie declined to reveal details
of the talks.
“Because I don't want to,” he said.
But he would not deny some proposals were discussed, including a
proposed casino in the Meadowlands, which would almost certainly
siphon business away from Atlantic City, and a major restructuring
of Atlantic City government, where the city has seen billions - one
councilman says $9 billion - of property tax valuation lost on the
tax rolls.
“The fact is, we have work to do,” Christie said during opening
remarks at the meeting of 30 political and business leaders.
Though CEO's of several major gaming companies were in attendance,
one who was invited but notably absent was Trump Entertainment
Properties Chief Executive Officer Robert Griffin. The company's
Trump Plaza is slated to close Sept. 16 and its Trump Taj Mahal
Casino is expected to file bankruptcy, according to Philadelphia's
CBS affiliate and the New York Post.
Atlantic City, which once held a lucrative East Coast gambling
monopoly, has seen its fortunes fade as nearly 40 casinos have
opened in neighboring states. The city's gaming revenue has dropped
to $2.8 billion from its 2006 peak of $5.2 billion, according to
state gaming regulators.
Christie said the contraction of the gaming market in the face of
competition was “inevitable” but that the city still had much to
offer.
“It's a $2.5 billion market,” Christie said, “and there's still a
very active customer base that (gaming companies) would want access
to.”
Dozens of protesters greeted Christie as he entered the meeting in
the offices of the Casino Reinvestment Development Authority (CRDA),
an economic development agency that is funded by a tax on casino
revenue.
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CRDA funds have been used on a variety of projects, including the
construction of parking garages, boardwalk improvements, the
construction of retail stores, and the purchase of dilapidated homes
for demolition.
Protesters want those funds redirected toward property tax relief.
“We want jobs, and we want them to lower the property taxes,” said
Amy Wu, 51, a dealer at Taj Mahal, who said she pays $8,000 in
annual property taxes on her home, which remains damaged by
Hurricane Sandy.
The summit occurred on the same day that Christie's acting attorney
general issued a directive that allows casinos and racetracks to
take bets on sporting events without fear of criminal or civil
penalty.
Christie said he agreed with the directive, which came amid an
ongoing federal court battle after New Jersey was sued by the NFL
and other sports league.
(Editing by Barbara Goldberg, Bernard Orr)
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