After almost five years of piecemeal efforts to fix Atlantic City, New Jerseys 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 Jerseys 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 fo…
Read the full article at: http://www.bloomberg.com/news/articles/2016-01-14/new-jersey-may-seize-atlantic-city-as-rebound-eludes-casinos