MEANWHILE….IN ATLANTIC CITY

No mention that he is a Democrat. This is like the 5th consecutive Democrat mayor going to prison. What a shithole.

Via Fox News

Atlantic City mayor pleads guilty to defrauding basketball charity

Atlantic City’s mayor has pleaded guilty to wire fraud, admitting he defrauded a basketball club out of $87,000.

Frank Gilliam Jr. appeared Thursday in federal court in Camden, where it emerged that half that amount of money was recovered from his home when FBI agents raided it last December.

FOX 29’s Jeff Cole reports Gilliam was accused of taking donations from a basketball charity and using it for his own expenses.

Continue reading “MEANWHILE….IN ATLANTIC CITY”

MEANWHILE….IN ATLANTIC CITY

Newly released footage shows the moment that police killed 27-year-old Antoquan T. Watson during a dramatic shootout. Watson had led police on a dangerous chase that ended with him leaving his vehicle and pointing a gun at responding officers. He was shot 45 times, and the officers were found not guilty of any wrongdoing.


HE COULD BE OBAMA’S SON

I await Obama’s press conference and calls from MSNBC for a hate crime investigation. At least these feral dogs are so fucking stupid, they post their crimes on-line. Atlantic City is a paradise. Ask Fat Boy Christie.

Two black young men assaulted a down-and-out white woman – and videotaped the attack. She was knocked out in broad daylight and in a public place with people around her, minding their own business and apparently unaffected by the brutal attack.

The assault took place on October 17, in Browns Park in Atlantic City, NJ. Two young black men, one apparently in his 20s and the other looking to be around 14 or 15 years old, launch an unprovoked attack on a white homeless woman in her 40s, sitting on a bench.

The older man incites the teen to bully the woman, which the teen carries out enthusiastically. After abusing the victim, the teen suddenly inflicts a powerful blow to the woman’s temple, rendering her unconscious.

The pair made no attempt to escape, continuing to pose by the victim and taking close-ups of her face, laughing and boasting to each other about what they had just done.

Shockingly, not one of the numerous bystanders witnessing the ugly scene attempted to intervene and stop the offenders, let alone punish them. Nobody called the police and the two men left the scene unhampered – and later uploaded the sickening video to the web.

The woman, 45, was taken to an Atlantic City hospital, where she remains with a brain trauma in serious condition.


SO PROUD

I’m so proud. Not only are four of the top ten most dangerous cities within 90 minutes drive from my house, but the city where I work and my state capital are also in the top fifty two. Avalon was thrilled to find out the city where she grew up finished fifty-ninth. Norristown is only 20 minutes from my house. She’s hoping they can break into the top 50 next year.

I wonder how many of these cities have a black population above 30%?

I wonder how many of these cities are run by Democrats?

NeighborhoodScout’s Top 100 Most Dangerous Cities in U.S.

Neighborhood Scouts records crime rate data from every neighborhood and reports
a list of the worst cities.

1 East St Louis, IL
2 Chester, PA
3 West Memphis, AR
4 Saginaw, MI
5 Camden, NJ
6 Detroit, MI
7 Flint, MI
8 Wilmington, DE
9 Atlantic City, NJ
10 St Louis, MO

MISUSE OF EMINENT DOMAIN

I received this email today from Change.Org. I despise the government. They treat us like subjects. They can ruin our lives at their whim. And they do it legally, because they write and enforce the laws. Big corporate entities will always win. They have bought the politicians. Sign this gentleman’s petition and try to stop the overbearing NJ government from destroying this man’s home.

My parents were both immigrants and survivors of the Holocaust who left me many things: a love of this country, a deep passion for music, and a home right near the boardwalk in Atlantic City. That home has been a source of love and renewal to my family for the past 50 years. But today, our home could be seized and bulldozed as part of a casino development plan.

New Jersey’s Casino Reinvestment Development Authority (CRDA), is trying to use eminent domain to seize and destroy my home as part of a project to complement the Revel Casino, even after the casino recently closed its doors and filed for bankruptcy. 

My parents bought the building in 1969 when they moved to Atlantic City. They lived there until my father passed away in 1987. I’m now 67 years old and work as a piano tuner at the casinos. The home my parents left me allows me to work and I’m not going to let it be taken from me.

I’m fighting to keep my family’s home and need your help. Please click here to sign my petition demanding the CRDA drop their unconstitutional attempt to steal my home.

The home is more than a building. It’s is a reminder of my parents and the times our family shared together. When my parents got old, I cared for them in their own home instead of putting them in a nursing home, which I know helped them live longer and happier lives. Over the years, I’ve personally maintained and refurbished the entire building, hanging new sheetrock and repairing brickwork by hand. The first-floor apartment is now given over to my piano studio, and I rent the second and third-floor apartments to long-term elderly tenants at below-market rates.

Eminent domain has traditionally been understood as the power of government to take private property for a public use, like a road or a public school. But New Jersey’s CRDA is abusing eminent domain to take property for purely private development, like shopping centers and high-end boutiques. In fact, the CRDA does not even have a formal development plan in place. They’re trying to take my home just because they think they can. 

But with your help, I can show the CRDA that tens of thousands of people oppose what they’re doing to me. Once they know that people around the country are paying attention, they’ll back off.

Click here to sign my petition to save my home from being bulldozed for a casino.

Thank you,

Charlie Birnbaum
Atlantic City, NJ

ROLLING CRAPS

This picture and comment was posted by Rick Ackerman in September 2012. Take a bow Rick. You were right.

Workers are shuttering the $2.4 billion white elephant of Atlantic City – Revel Casino. Fat Boy Christie will hold another summit to save Atlantic City in a couple weeks. Watch out NJ taxpayers. He has already wasted hundreds of millions on Revel and the rest of this dying town.

Atlantic City has always been a shit town. The casinos promised to revive the city. They did nothing for the city. They cashed in the profits from having a monopoly on the east coast. Now everyone has casinos and their revenues have plunged by 50% in the last eight years. Four casinos have gone belly up this year.

Atlantic City will not be revived. It’s a dangerous shithole inhabited by Obama voters. More casinos will close. The city budget now has a gaping hole as property taxes and sales taxes from the casinos are gone. How are the free shit army going to get their goodies?

The short sightedness and idiocy of politicians and CEOs has never been more on display than with the implosion of Atlantic City. Fast Eddie Rendell and the rest of the politicians who see gambling and lotteries as the savior for their bloated entitlement budgets will all find out you can’t get blood from a stone. The disposable income of the stupid is almost all gone.

Via Star Ledger

As Atlantic City casinos close, ghost town replaces boardwalk empire

It was 90 degrees at the Jersey Shore yesterday and the north beach in Atlantic City was almost empty.

The boardwalk, too, except for a few tourists who wandered up the quarter mile of bare boards to gawk and photograph the mirrored walls and imposing tower of the resort’s latest glass-and-steel white elephant, the Revel.

The exterior murals of Revel have a surfing endless summer kind of theme, but what is happening in Atlantic City now is the beginning of a long winter.

The Showboat closed Sunday and next door neighbor Revel closed Monday, taking with them about 4,000 jobs, leaving the north end of the boardwalk a ghost town.

Trump Plaza, which is connected to the famed Boardwalk Hall, will close Sept. 16, after the Miss America pageant.

Miss America returned to home Atlantic City two year ago, seven years after running off to Vegas, to fulfill its original promise of bringing tourists to the boardwalk for New Jersey’s beautiful month of September. But it won’t save Trump Plaza, which along with Caesars next door, were the center stanchions of Atlantic City’s gambling era heyday.

This was in the mid-1980s when the town hosted the megafights of the day: Mike Tyson and Michael Spinks; Tyson and Larry Holmes; Sugar Ray Leonard and Roberto Duran III; and, Evander Holyfield and George Foreman.

The casinos led by Trump and Caesars kicked in for site fees and Vegas couldn’t compete. But that is ancient history now, as ancient as Caesar himself.

When Trump Plaza closes, the workforce casualties will rise to nearly 6,000, about 20 percent of Atlantic City’s hospitality workforce.

Gaming in Atlantic City isn’t dead, but it has to go on a crash diet to survive.

The all-time high revenue of $5.2 billion from eight years ago has fallen by 50 percent, eroded by out-of-state competition, sometimes brought on by the very same companies that built up Atlantic City. (See The Sands in Bethlehem, Pa., which has siphoned off a huge piece of the New York bus trip market.) Now companies are closing even profitable casinos, like Caesars shutting The Showboat to try and protect the health of its three other properties in Atlantic City.

Bill Terrigino sees it not as the death of the town, but a painful evolution.

“The fascination of slot machines is over with,” Terrigino said. “More gambling isn’t the solution. If we don’t make it fun for people in Atlantic City, they’ll make us irrelevant.”

FUN IN THE SURF

And what could be more fun than that big blue thing out there.

From the start of the casino era, Atlantic City turned its back on its history as “the beach” and “the boardwalk.”

“The primary focus has been gambling,” said Bruce Abrams, who works in the city-run art museum across the boards from The Showboat. It was almost empty yesterday as was the adjacent history museum.

“We threw all the eggs in one basket. Maybe this is a wake-up call.”

True enough, the early casinos faced Pacific Avenue and trying to find the boardwalk through them entailed going through a maze of spinning wheels and ringing bells.

Still today, there are long stretches of the boardwalk with nothing to eat except in the overpriced casinos, few restrooms and changing facilities — and parking is expensive and distant.

Atlantic City took its greatest attraction and made it inaccessible.

As for amusements, the rides at the famed Steel Pier look like nothing more than a local church carnival bolted to the boards.

WHERE IS EVERYONE?

Even yesterday — 90 degrees and sunny on a day that is still summer for everyone without school children — the beaches were far, far from packed.

“Our beaches are beautiful. You can’t beat it,’ said Terrigino, “but other towns do better bringing people to the beach.”

Terrigino and his wife, Kathy, were two of the first workers to lose their jobs when the Atlantic Club closed last winter.

“These are the bookends,” said Terrigino, who lives across the street from Revel. “The Atlantic Club was all the way at the south end of the boardwalk, and Revel is at the north end. I lost my job last winter and yesterday (Monday) I lost my neighbor.”

They also own the house closest to the beach near the Revel.

Yesterday, there were more gawkers looking at the empty hotels — few as they were — and men pushing empty rolling chairs, than there were people on the north beach.

If you want to know what went wrong in Atlantic City, there it is.

If you want to know how to fix it, there it is.

CHRISTIE’S PLAN TO REVITALIZE ATLANTIC CITY WORKING TO PERFECTION

I sure hope Fat Boy Christie can work his crony capitalistic magic on the whole country as our next President Blimp. His brilliant plan to revive the putrid shithole of Atlantic City by taking taxpayer money and handing it to mega-corporation casinos has worked wonders. If his plan is any more successful there won’t be a casino left in Atlantic City by the end of 2015.

I love watching the union drones protesting the loss of their jobs as the Republican governor pisses away hundreds of millions on the $2.5 billion Revel albatross. It’s as if no one in New Jersey has any common sense, mathematical ability or balls to tell the truth. So I’ll do it.

PA and Delaware have opened dozens of casinos in the last five years. Why would someone from either of those states travel to the dangerous ghetto shithole of Atlantic City to lose their money when they can do it 15 minutes from their house? They stopped going to AC. Shockingly, this resulted in a plunge in AC gambling revenues and profits.

Then Christie and the politician bozos passed online gambling in New Jersey. You can go into debt by gambling away money you don’t have in the comfort of your own living room. Why take your life into your hands by entering the Atlantic City kill zone to lose your welfare paycheck? Shockingly, this has resulted in even less revenue for the gambling meccas in AC.

And guess what? The dumbass middle and lower income clientele who dump their cash into slot machines have run out of cash. They have either no jobs or shit jobs, while their cost to feed, house, and warm themselves has skyrocketed. The dupes and suckers don’t have a pot to piss in as their extended unemployment benefits expire and food stamps get cut.

The signs of collapse are everywhere if your eyes are open. Maybe Fat Boy Christie will come to the rescue again with more New Jersey taxpayer cash to save a few mega-corps and their union drone employees.

PA and Delaware will experience the same thing in the near future. You can’t get a jackpot out of  a stone.  

 

Trump Plaza To Close In September As Atlantic City Implosion Claims Fourth Casino

Tyler Durden's picture

The Atlantic City casino industry implosion continues. Following the second, and final, bankruptcy of AC’s “state of the art” Revel Casino a month ago, as well as the shuttering of Atlantic Club hotel Casino and the Showboat hotel casino, the grim corporate reaper has come for one of the most prominent boardwalk casinos of all: Trump Plaza.

The casino which opened in 1984 as a JV between Donald Trump and Harrah’s AC, was for a long time the centerpiece of Donald Trump’s one-time Atlantic City empire, which however promptly escalated into a series of sequential bankruptcies, chipping away at Trump’s reputation and business model, as one after another of Trump’s properties sought Chapter 11 protection.

The final punch came in February 2013 when Trump Plaza was sold to a California company for $20 million – the cheapest ever transaction for an Atlantic City casino, and a fitting testament to the death of this one-time east coast gambling mecca. It was here, however, where a very bored Carl Icahn, once again spread his wrinkled activist wings when in April 2013, as senior lender for the mortgage, Icahn declined to approve the sale for the proposed price and the deal was put on hold.

Unfortunately for Icahn, this is one he may have let go, because as the Philadelphia Inquirer reports, Trump Plaza has decided not to bother with continuing the sale process and will instead shutter permanently. “Trump Plaza Hotel & Casino will shut its doors for good in mid-September, according to state officials who were briefed Friday by lawyers for the casino.

“I believe Sept. 16 is the targeted closure date that we were told,” said Assemblyman Vince Mazzeo (D., Atlantic). Mazzeo said he and State Sen. Jim Whelan (D., Atlantic) received a phone call late Friday afternoon from a Trump Plaza lawyer. Atlantic County officials also were briefed, he said.

 

Mazzeo said the attorney told him that Trump Plaza management plans to make a formal announcement and issue 60-day layoff notices to about 1,600 employees Monday.

 

“This is another blow to the casino industry here,” Mazzeo said. “With mid-September the timing of the closing, it will have a devastating impact on the local economy.”

The news will hardly come as a great surprise: there has been speculation for more than a year that Trump Plaza was on the verge of closing. “Like the Atlantic Club, Trump Plaza is one of the city’s smallest and oldest gambling halls – it opened May 26, 1984 – and had difficulty competing with the bigger casinos in town and in nearby states, including Pennsylvania.”

But while the creditors will be angry they have other sources of income; one group of people even more furious and with zero recourse are the unions. Bob McDevitt, president of Unite Here Local 54, the union that represents most casino workers, led a Boardwalk rally Wednesday to protest Showboat’s planned closing. McDevitt, who labeled Showboat’s closing “a criminal act” by Caesars Entertainment since the property was still profitable, could not be reached late Friday to comment on the latest casino to fall.

Meanwhile, the city is slowly but surely realizing that its business model is dead.

Whelan, a former Atlantic City mayor, expressed his displeasure Friday night. “I go from depressed and sad to being angry,” he said. “When these casinos close, people lose their jobs and their careers. It’s a very sad situation.”

 

Employees at Trump Plaza had not been notified Friday of the planned closure, but slot attendant Stan Jelesnianski, who said he has worked there for 21 years, said employees had been worried “for a long time.”

 

“Business has been slow,” he said.

 

According to May 2014 monthly revenues from the New Jersey Division of Gaming Enforcement, the latest monthly data available, Trump Plaza ranked last among the 11 casinos in total revenue, making $5.2 million. Of that total, it generated about $4.6 million from slots, down 19.8 percent from May 2013. And it took in $660,666 from table games, a decrease of 45.6 percent from a year ago.

 

Its year-to-date total casino revenue of $21.9 million was down 26.7 percent from the same period a year ago.

 

Charles Pinkett, a Boardwalk rolling-chair operator, said the casino has seemed to be on life support for a while. “The people have been talking about how there’s no room service,” he said.

The only good news perhaps is that yet another icon of the Trump “empire” – built entirely on other people’s money and junk bonds – is being dismantled. After this, there is just one more left…

Mark and Alice Aronson, dining outside, said they were surprised and saddened to hear another casino was on the way out. Alice Aronson, a local therapist, said she had clients from Showboat who were dealing with the pain of the likely layoffs.

 

“It’s a shame,” she said. “This is a good place. I heard Donald Trump is not involved anymore. I thought maybe he’d fight for it. It seems, one by one, they’re not taking care of their employees.”

 

Trump Plaza’s closing would leave one Trump-brand casino in Atlantic City – the Trump Taj Mahal, between Resorts Casino Atlantic City and the soon-to-close Showboat.

We give the Trump Taj 6-9 months before it too joins its peers in the liquidation docket, and the name Trump will no longer appear on the boardwalk for the first time in over three decades. In the meantime, those curious to track the demolition of the Atlantic City gaming empire in real time, can do so at the New Jersey WARN Notice website.

CHRISTIE ROLLS CRAPS AGAIN WITH $260 MILLION OF TAXPAYER FUNDS

I’m reconsidering my position on Chris “The Blimp” Christie becoming president. He has gotten so good at pissing away NJ taxpayer money on his crony capitalist Wall Street hedge fund ventures, that he would make a fine president, pissing away your Federal tax dollars on his neo-con, corporate, and socialistic misadventures. He already has experience kissing Obama’s ass to get our money to waste on rebuilding mansions on beaches and making campaign commercials and little diddies like “Stronger than the Storm”. I understand his presidential campaign song is called “Stronger than the Lapband”.

Revel Casino, the enormous white elephant of Atlantic City, has filed for bankruptcy for the 2nd time in the last two years. Christie, the capitalist tool of Wall Street, thought he knew more than Morgan Stanley. They realized in 2010 this was a disaster waiting to happen. They walked away from their own $1.2 billion investment, leaving the casino half built. Even a blithering idiot could see that Atlantic City gambling revenue has been and will be in decline for the foreseeable future. PA and Delaware have been opening casinos like gangbusters and the pie of suckers is only so big. But Christie is a new Republican free market capitalist who takes from the taxpayer and gives to Wall Street hedge funds. Here are his words of wisdom from 2011:

“My vision for Atlantic City is that Atlantic City needs to become Las Vegas East.”

Someone should get fat boy a pair of glasses.

He jump started the project with $260 million of “tax incentives”, also known as giving NJ taxpayer money to his Wall Street campaign contributors. Within one year of opening Revel filed bankruptcy. Christie poo pooed this little glitch with more brilliant analysis:

“What’s happening here is merely a shifting of debt load to equity. They’re showing their faith and confidence in the concept and in the future of Atlantic City by not walking away and closing the place down.”

Those Wall Street hedge funds were surely showing confidence in the future of Atlantic City. Well at least for one more year, before filing again. This $2.4 trillion monstrosity is a sieve and is now estimated to be worth $300 million. Unless some sucker buys it by mid-August the doors will shut. Maybe the Christie Blimp can float on in and offer some new Wall Street hedge fund more “tax incentives” to keep this wonderful casino afloat.

Christie 2016 Bandwagon – hop on now before it’s too late. If he wins, they’re going to need a bigger helicopter.

Via the NYT

Owner of Revel Casino in Atlantic City Files for Bankruptcy Protection

The $2.4 billion Revel Casino Hotel, whose opening two years ago on the Atlantic City boardwalk was hailed as a revival of the city’s gambling industry, filed for protection from creditors in federal bankruptcy court on Thursday as the owner formally put the property on the auction block.

The casino’s owner, Revel Entertainment Group, also said it had obtained a $125 million loan to keep the resort open while it seeks a new owner. But it notified the casino’s 3,140 employees that Revel could close as soon as Aug. 18 if efforts to sell the property failed. Analysts say the property is now worth substantially less than $300 million.

Revel’s announcement is a blow to Gov. Chris Christie’s five-year plan to resuscitate New Jersey’s gambling industry. In 2011, the state invested $260 million in the long-stalled casino project so that construction could resume.

Revel’s chief executive, Scott Kreeger, issued a statement on Thursday saying, “We will work to reach an agreement with a new owner who will help ensure Revel’s long-term financial stability and who shares our commitment to providing Revel’s guests and players an exceptional experience in lodging, gaming, entertainment and recreation.”

The company said it filed for bankruptcy protection, which it did on Thursday for the second time in two years, “to address liquidity issues and facilitate a sale of substantially all of Revel’s assets.”

Revel Entertainment, which has lost more than $260 million since the casino opened, began exploring a sale or partnership a year ago. Negotiations with one suitor, Hard Rock International, collapsed in the spring.

“It’s not surprising,” said Alan Woinski, who publishes Gaming Industry Weekly Report. “You can’t keep losing money like they are.”

Revel, whose 57-story hotel is the tallest building in Atlantic City, was supposed to symbolize a new approach to gambling, with an emphasis on luxury, with windows that, unlike other casinos, faced the ocean. The casino itself was on the third floor.

But the resort never took off.

“It was supposed to be like City Center in Las Vegas, not dependent on gambling,” Mr. Woinski said. “But this is a day-tripper market. It’s empty during the week.”

Combined revenues for Atlantic City’s 12 casinos continued to slide. The Atlantic Club, also on the boardwalk, closed in January.

Competition also has sharpened as casinos and slot parlors have opened in Delaware, Maryland, New York and Pennsylvania. Last year, gambling revenues in New Jersey fell to $3 billion, down 41 percent since peaking in 2006 at $5.2 billion.

Revel itself has a star-crossed history. Morgan Stanley, the resort’s principal owner, halted construction in April 2010, walking away from a $1 billion investment. Work resumed under a new ownership group, which included Chatham Asset Management, a hedge fund, two years later with assistance from the state.

GOOD OLE BOY ROCKSTARS

I didn’t know anything about Three Doors Down before going to their concert last night at the Borgata in Atlantic City. They played an acoustic concert in the small 1,300 seat Music Box venue. The concept was the concert being played in your basement. There were four couches on stage and fans were selected to watch the concert while sitting on the couches surrounding the band.

Brad Arnold is their lead singer. He might be the most self effacing, nicest, appreciative rock star to ever step on a stage. He’s a good ole boy from Escatawpa, Mississippi. He’s got a deep southern drawl. He must have thanked the crowd 50 times during the 2 hour concert. Brad and the band were dressed in jeans and t-shirts like they were sitting around their house in Mississippi.

He joked with his band mates and told stories throughout the concert, like we were in his basement. He talked about loving NASCAR and the New Orleans Saints. The Philly crowd booed, but he explained he loved them when they were 1 – 15, so he deserves some success now. Becoming a rock star and multimillionaire hasn’t changed him. He still acts like an unassuming small town dude. He told the crowd how and why he wrote many of the songs before he performed them. He described one song that was written while he drove a tractor. They hit it big when he was 20 years old, with Kyrptonite. He was driving a farm tractor ten hours per day at the time, and the way he described it, enjoyed the quiet solitude of the job. He still lives in Jackson, Mississippi.

After the rousing encore, which included a cover of Metallica, Brad stayed on stage for 20 minutes shaking hands with fans, getting pictures taken, and thoroughly enjoying and appreciating his fans. You can see from this video taken by Avalon how much the band and the crowd enjoyed each other. It’s a little jumpy because Avalon was getting dancey. It was a thoroughly enjoyable experience.

CHRIS CHRISTIE – JUST MISSED BY THAT MUCH

If you build something in the real world and you project $560 million of annual revenue from your $2.4 billion investment, and you actually generate $200 million of revenue, you get fired. When you are the governor of New Jersey and you’ve handed out $261 million of taxpayer dollars to the fuckwads running this joint, you get re-elected to another term and get selected to make the keynote address at the Republican Convention. Christie also promised 5,000 NEW FULL-TIME jobs for Atlantic City and the Revel actually has 2,780 full time employees. So Christie’s promises were only off by 64% on revenue and 44% on number of jobs.

This is the Republican method of less government in your lives. It actually means less money in your pocket. This albatross will not be able to make its loan payments in the next year. It will declare bankruptcy. It will be a vacant rotting hulk that should be renamed Christie’s Delusion as a tribute to his brilliance in picking winners.

Down on its luck: Revel jobs, revenue falling below projections

Published: Thursday, August 16, 2012, 6:24 AM     Updated: Thursday, August 16, 2012, 6:24 AM
Statehouse Bureau Staff By Statehouse Bureau Staff The Star-Ledger
 

 

Revel Casino at 3 months

Enlarge Frances Micklow/The Star-Ledger Revel Resort in Atlantic City on Saturday, July 14, 2012. (Frances Micklow/The Star-Ledger). Revel Casino at 3 monthsgallery (18 photos)

 

By Jarrett Renshaw and Salvador Rizzo/Statehouse Bureau

The fledgling Revel casino and resort hotel is generating much less gaming revenue and fewer full-time jobs than the Christie administration expected when it showered the new Atlantic City venture with a $261 million tax incentive package last year, state records show.

The shiny $2.4 billion resort, acclaimed for its beauty and amenities, is on pace to take in $200 million in gaming revenue during its first 12 months of operation, according to a Star-Ledger analysis of records filed with Economic Develeopment Authority and the state Division of Gaming Enforcement.

That would mean Revel will fall roughly $360 million short of what the Christie administration banked on when it agreed to help salvage the project last year.

Comparatively, the highest-grossing casino in the city, Borgata Hotel Casino and Spa, took in $651 million in gaming revenue last year, according to annual revenue figures compiled by Gaming Enforcement.

Maureen Siman, a Revel spokeswoman, said the initiall estimate of $560 million doesn’t apply to the first nine months, but to the first full calendar year, or 2013. She noted there are already signs of a turnaround, citing a 17 percent uptick in gaming revenue and a 21 percent jump in the occupancy rate last month.

Siman said too much importance is being attached of the weak gaming revenue figures, saying the resort aspires to be more than just a slot shop, but also a global tourist destination. “Our revenue and profit is driven in large part by non-gaming sources rather than just the gaming-centric model which has unfortunately been the focus for Atlantic City, at least historically,” Siman wrote in an email.

But gaming analysts say the property’s financial problems are real. They say the casino is not taking enough cash from its slot machines and table games to keep up with monthly debt payments, setting off concerns among industry watchers of an untimely bankruptcy

“Look, Revel is opening in a tough location, in a rough economy, and it’s 100 percent no-smoking, which is a little tougher,” Larry Klatzkin, a long-time casino industry analyst, said. “In the next summer, it will be doing fine. The question is, does it have enough financial wherewithal to make it to the next summer?”

Hailed as a game-changing addition to Atlantic City, Revel became the city’s 12th casino this year and the first to open in nine years. The hotel features 1,400 guest rooms, 14 restaurants, and seven pools.

The outgoing executive at the EDA, Caren Franzini, told the agency’s board in a 2011 memo that Revel would generate $560 million in revenue in its first year from its sprawling 150,000 square-foot gaming floor. But the initial returns have been lackluster.

In the first full four months of operation — which includes the peak summer months — Revel has been running near the end of the pack among the city’s other casinos and is on pace to take in roughly $200 million after its first 12 months, the Star-Ledger analysis shows.

Mike Pollock, a managing director at Spectrum Gaming, said Revel may be stumbling through its first summer season but its long-term strategy — relying less on the casino and more on the resort — is Atlantic City’s future.

“Atlantic City was built under the assumption that it was the most convenient place in the east to gamble,” he said. “That is a failed model going forward.”

Revel’s own financial projections suggest the casino may have been been too optimistic about gaming revenue.

The casino’s officials told the state they anticipated raking in $46.6 million a month — roughly triple its current pace — in gaming revenue.

John Kempf, a casino industry analyst at RBC Capital Markets, calculates that Revel needs to bring in $25 million to $30 million every month in gaming revenue just to make its monthly debt payments. But the casino has collected only $15 million a month on average from April to July, Gaming Enforcement records show.

Revel may not want to build its long-term business on the slot market, but it will need to ramp it up anyway to find its financial footing in the short term, Kempf said.

“The slot customers have loyalty to their casinos. They want amenities. They want free play. They’re not interested in high-cost restaurants,” Kempf added.

Christie and the EDA both touted the project as a job creator, predicting it would bring in about 5,000 full-time jobs. “Now completed, the Revel project supports over 10,000 jobs, with more than 5,000 being permanent jobs for New Jerseyans,” a Christie March news release boasted.

But the latest job figures submitted to the Casino Control Commission show Revel has only 2,780 full-time jobs. When you include part-timers the number grows to 3,837 employees, records show.

Siman says the company incorrectly described the initial job numbers as exclusively full-time, when they also included part-time workers.

In one of Christie’s biggest gambles, his administration salvaged the ambitious $2.4 billion casino project after Morgan Stanley decided it was better walk away from its $1.3 billion investment in 2010 than move forward. The casino’s CEO and partial owner, Kevin DeSanctis, was then forced to scramble to find investors to finish construction.

Under the incentive plan, Revel will recover 75 cents out of every new dollar in state revenue it generates. Spread out over 20 years, the total incentive package is capped at $261 million, but the final tally could be much less if the casino is unsuccessful.

“It’s like giving away the sleeves of your vest,” Timothy J. Lizura, the chief operating officer for the state Economic Development Authority, said. ” If they don’t generate any new revenue, we don’t give any back. If they do, then we keep 25 percent. It’s virtually riskless for the state.”

The governor is also betting that the resort will produce the first bump in state casino tax revenue since 2006. He’s predicting casino revenues to grow by 14 percent — or $38 million — in the current $31.7 billion budget signed in June. But overall revenues saw a 10 percent dip last month.

Christie spokesman Michael Drewniak said, “We are not buying into this naysayer approach to redevelopment in Atlantic City. We understand the concern, but it’s still a very difficult environment. Everyone, on both sides of the aisle, recognized the issues and were not willing to give up on Atlantic City.”