As the developer of the stalled Xanadu project in New Jersey struggles to line up new finance, the state's new governor have floated another possibility if the $2bn project can't get its act together: Surrender it back to the state.

Gov. Chris Christie has made it clear he plans to get tough with 2.3-million-sq ft complex that was meant to open in November 2008, complete with an 800-foot indoor ski slope and the largest Ferris wheel in North America.

A report prepared for his transition team labeled Xanadu's business model a failure and recommended the state, which owns the land, 'needs to engage the either complete and open, or surrender the property.'

Wall Street Journal