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Governor to announce Xanadu bailout today

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Later today in East Rutherford Gov. Christie is scheduled to announce a $200 million bailout of the failed Xanadu mall development project. The funds will be purportedly used to further expand the site, which has been unable to attract anchor tenants as is. The new developer has until the end of the year to attract new investment and start construction. Talk about throwing good money after bad. For those keeping track at home, that's $200 million New Jersey is spending to rescue a private real estate development. As of yet the 2009 Rutgers stadium expansion has not been funded by an infusion of public funds. And yet the latter project receives far more criticism to this very day, including from Xanadu patron George Zoffinger. Where's the outrage? There is a clear double standard, not that the Xanadu bailout would not be ridiculous in a vacuum. One wonders what former Rutgers A.D. Robert Mulcahy, newly appointed by Gov. Christie to the Casino Reinvestment Development Authority, would have to say about saving Xanadu...

The future of the NJSEA

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On Wednesday the Christie administration released its long-awaited report on New Jersey Gaming, Sports, and Entertainment. Former Rutgers athletic director Bob Mulcahy (a former NJSEA head) was on...

New Jersey to bail out Xanadu?

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New Jersey is dead broke, but that may not stop a proposal to give failed retail mall/mythical far eastern pleasure dome Xanadu a $180 million dollar taxpayer giveaway. Two years ago the Rutgers stadium expansion was not only denied $30m in state aid, but subsequently ripped to shreds by state politicians and some segments of the local media. That was in spite of the project being entirely funded by ticket bonds. I think we're entitled to a little righteous indignation here over the lack of shrieking outrage in opposition. At least Dick Codey had the good sense to jab George Zoffinger at a recent statehouse session over the latter's role in midwifing this monstrosity. Any fair commentator ought to measure their criticism of each project in direct proportion to the respective level of subsidy in both. Instead, the Bergen Record editorial board is merely "skeptical". Skeptical? If only the expanded stadium had been worthy of such charity. As the Xanadu project is completely superfluous, this idea would just be throwing good money after bad. New Jersey taxpayers have no vested interest in bailing out land developers for their foolish mistakes. While this proposal is being sold as a way to stave off an even worse situation, it's in reality a doubling down (in a classic example of the Gambler's fallacy) on a dumb idea with absolutely no hope for success whatsoever.

This week in Tony Soprano-dom

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More hurdles abound for the long planned theft of the New Jersey Nets, despite a sweetheart deal with the MTA. Mr. Ratner’s highest hurdle may be in securing tax-exempt financing, which would...

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