Morgan Stanley has claimed over $10 billion in bailout money for paying its employees with salary and bonuses to the tune of $14.4billion. But the companies is also caught in a cash crunch as it needs about $300 million to complete the stalled work at the Revel Casino in Atlantic City, for which it is seeking money from the New Jersey Taxpayers. At the Revel Casino you would be able to play games like casino blackjack and slots.
Revel’s total revival expenses is to the tune of $700 million and the financial company is seeking the state law makers to release about $300 million to complete the work at the Casino. Ever since January 2009 the work at the Casino has been stalled and further finance would help work complete the work apart from the exterior work which is currently under progress.
Executives at Revel have made an arrangement with the Economic Development Authority to get the state grant by which the rent from quarter of all the rooms and the sales tax that will be paid will be repaid to the financier. Morgan Stanley is expecting that the tax breaks will make up for the difference in the money needed to complete the Casino.
The Casino which when opened will have 150,000 square foot of gaming area and will have about 19 restaurants. New Jersey officials are very eager to get on with the work of the Casino in order to revive the local economy which is facing rampant unemployment and where new job sources are seen as a welcome move. Union leaders are of the opinion that the cost of completion should be paid by the bankers and the operators. One Bob McDevitt who is the president of Local54 a casino employees union commented that he was struggling to pay taxes and why should the tax money be paid to Morgan & Stanley for rebuilding the Casino.
