New Jersey May Seize Atlantic City as Rebound Eludes Casinos

by Terrence Dopp
January 15, 2016

After almost five years of piecemeal efforts to fix Atlantic City, New Jersey’s distressed seaside resort faces more drastic measures: the end of its casino monopoly and a state takeover or bankruptcy filing.

On the line is the future of a city that Governor Chris Christie once said was crucial to New Jersey’s recovery. Once the second-largest U.S. gambling market, Atlantic City has seen its key industry crumble as day-trip patrons shift to newer, closer casinos in nearby Pennsylvania and New York.

The decline has sapped municipal tax collections. While state aid helped plug a gap this year, the city of 39,000 faces a shortfall of $90 million next year, a third of its budget. The dire straits have led New Jersey officials to bring to the forefront options that have been discussed for months, if not years. The new initiatives spurred a rally for the city’s debt.

No comments yet - you can be the first!

Leave a Reply

Your email address will not be published. Required fields are marked *

Keep the Fake News Media in check.

Don’t let the MSM censor your news as America becomes Great Again. Over 500,000 Americans receive our daily dose of life, liberty and pursuit of happiness along with Breaking News direct to their inbox—and you can too. Sign up to receive news and views from The 1776Coalition!

We know how important your privacy is and your information is SAFE with us. We’ll never sell
your email address and you can unsubscribe at any time directly from your inbox.
View our full privacy policy.