A Wall Street firm says Atlantic City is likely to default Monday on a debt payment unless the state comes through with a $74 million loan it promised in May. Associated Press, Read more
Moody’s: Atlantic City likely to default Monday without loan
Tag: Atlantic City
Even with cash from the state, bankruptcy is still a threat to Atlantic City
Atlantic City breathed a sigh of relief last month when Governor Christie signed a badly needed and long-delayed financial rescue package for the resort town. Salvador Rizzo, The Record Read more
Firm: North Jersey could kill half of A.C. casinos
– A Wall Street analyst predicts as many as half of Atlantic City’s eight casinos could be forced to close if voters in November approve two new casinos just outside New York City. Associated Press Read more
Can Atlantic City fill a $44 million budget hole in 5 months?
The clock is ticking on city officials, who have five months to draft a five-year plan that includes a 2017 balanced budget or else face a state takeover. Christian Hetrick, Press of Atlantic City Read more
Atlantic City deal is written with Speaker’s political blood
The warring tribes of Democrats in Trenton smoked a peace pipe on Thursday and tentatively agreed to rescue Atlantic City from bankruptcy at the last minute. Tom Moran, Star-Ledger Editorial Board Read more
Whelan: Atlantic City Botched Negotiations Long Before Assembly Talks
As the two sides in the legislative debate over a state takeover of Atlantic City negotiate on a compromise between two dueling bills from Senate President Steve Sweeney (D-3) and Assembly Speaker Vince Prieto (D-32), the gaming capital’s state Senator said Monday that he places the blame squarely on the city’s shoulders for not approaching Sweeney with a counter-proposal weeks ago. Mayor Don Guardian and members of the city council have allied themselves with Prieto in pushing for two more years before the state takes over the city’s finances. JT Aregood, PolitickerNJ Read more
State of the Takeover: AC’s Assets and the Botched Assembly Vote
After one of the most turbulent weeks in New Jersey politics since the North Jersey casino expansion vote earlier this year, Atlantic City’s assets are one step closer to being sold off as part of a state takeover championed by Senate President Steve Sweeney (D-3), Governor Chris Christie and South Jersey Democratic boss George Norcross III. Opposition to that takeover plan hit a major roadblock on Thursday as three state Assembly members stayed home, leading Speaker Vince Prieto (D-32) to delay posting his alternative takeover bill until he could secure a 41-vote majority. JT Aregood, PolitickerNJ Read more
The Agony of Don Guardian: 14 Hours with the Man Fighting the Takeover
The sun hadn’t risen yet when Don Guardian began his day at the Atlantic City public works yard. The mayor was facing the latest in a series of increasingly dire fiscal deadlines, and had just days to make a decision whether to make an $1.8 million interest payment on municipal bonds. If he and his advisors decided that shoring up day-to-day spending on the police and fire department and public infrastructure trumped their obligations to creditors, the city would be the first in New Jersey to default on its loans since the Great Depression. JT Aregood, PolitickerNJ Read more
Is Atlantic City about to make N.J. history by defaulting on debt?
The last time a New Jersey municipality defaulted on its debt, Franklin D. Roosevelt was president, the U.S. was in the middle of the Great Depression, and World War II was still about a year away. Brent Johnson, NJ.com Read more
Should Atlantic City mayor and other top officials take pay cuts during crisis?
As the debate continues over how to save Atlantic City from its financial crisis, a city councilman is proposing that the mayor, fellow council members and other local officials help out by taking a 20 percent pay cut. Brent Johnson, NJ.com Read more
Deadlock on Atlantic City threatens other N.J. cities, credit agency says
The deadlock between Gov. Chris Christie and elected officials over a deal to rescue Atlantic City from a mounting financial crisis has the potential to send shockwaves through some of the state’s largest cities, a credit agency said Wednesday. Matt Arco, NJ.com Read more
Atlantic City Mayor Pushed PILOT to “monetize” city Assets
Guardian Asks for Assembly Support for PILOT Bill
Atlantic City Mayor Don Guardian spoke at Monday’s meeting of the Assembly Budget Committee in Trenton to voice his opposition to the state takeover effort. The Assembly will be the determining factor now that the takeover package from Senate President Steve Sweeney (D-3) has cleared the Senate. Assembly Speaker Vince Prieto (D-32) has said that he objects to allowing the state broad powers in altering collective bargaining agreements and may not put the bill to a vote. JT Aregood, PolitickerNJ Read more
Why 11 N.J. cities have more lead-affected kids than Flint, Michigan
Eleven cities in New Jersey, and two counties, have a higher proportion of young children with dangerous lead levels than Flint, Mich., does, according to New Jersey and Michigan statistics cited by a community advocacy group. Ben Horowitz, NJ.comRead more
Moody’s: More N.J. casinos would hurt Atlantic City
Expanding gaming to North Jersey could force more casinos to close in Atlantic City, Moody’s Investors Service warned Wednesday, adding that such a result would increase the likelihood that the ratings agency would downgrade the resort town’s credit. Andrew Seidman, Inquirer Read more
State agency waived $104K owed by United Airlines after early exit from Atlantic City
PJ in Atlantic City
Meanwhile NJ Taxpayers can not even get New Jersey Division of Taxation to respond to a phone call ?
When United Airlines abruptly cancelled service out of Atlantic City last year after only eight months, the airline was on the hook to repay $104,000 in public subsidies provided in exchange for a promise to run flights to the struggling casino town for at least one year. Shawn Boburg, The Record Read more
