After years of declining gaming revenues, falling real estate values, eroded property tax collections, and the closure of four of its 12 casinos in 2014, the city is in dire economic straits – and even with Christie’s signature on a financial rescue package, experts say it may not be able to avoid a default on its debt, which stands at more than $400 million. If voters approve bringing two new casinos to northern New Jersey, Hard Rock has said it will be looking toward the operation of a proposed Meadowlands casino.
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Fireman said his project is about luring tourists from New York City, not Atlantic City.
“This plan gives Atlantic City the opportunity to do the job itself to prevent bankruptcy and make desperately-needed financial reforms”, said Senator Sweeney.
The bills will help reform the city’s “overblown municipal government” while protecting state and local taxpayers, Christie said in a statement while continuing to take shots at local officials.
The city will get about $56 million for the 2017 state budget, with the money coming in state aid and redirected casino funds.
“The second these two new casinos open in north Jersey, New York City will retaliate violently”, he said.
The New Jersey legislature approved a rescue package on Thursday to help lift Atlantic City out of its fiscal distress and give the struggling gambling hub more time to craft a recovery plan before facing any state takeover.
“Mark it down in your pads today: It’s going to happen”, Resorts Casino Hotel president Mark Giannantonio said.
New Jersey voters will decide in November whether to authorize two new casinos in the northern part of the state. Before the state can take over, that determination would be able to be appealed by the city.
“We all agree that Atlantic City’s government has not demonstrated the competence to properly manage the people’s money without state guidance and oversight”, he said.
New Jersey Governor Chris Christie reacts to a concern throughout a news conference after announcing the chairman of the Port Authority of NY and New Jersey had actually resigned, a day after an internal investigation cleared Christie in the “Bridgegate” scandal, throughout a news …
After months of nasty infighting within the state Democratic Party – and warnings from Wall Street ratings agencies that inaction could force the city to restructure debts with bondholders – lawmakers introduced new legislation this week.
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“Are they serious saying three to five casinos would close?” he asked. “But if they don’t, on October 25, we will be there to do what needs to be done to bring that government into balance so that businesses don’t have to worry about (the city’s financial crisis) anymore”. Under the legislation, a tax on casinos’ gross gaming revenues that now sends money to an investment authority would be redirected to the city to help pay its debt service. Earlier on Friday, Guardian marked the opening of summertime beach season for the seaside resort city.
