New Jersey Decides To Take Over Atlantic City's GovernmentState Now Begins Hashing Out How To Implement Plan |
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The finances of economically depressed Atlantic City will soon be under the control of state officials in Trenton.
New Jersey recently rejected a plan that Atlantic City officials approved late last month that was aimed at preventing the state takeover. The state called the plan “not likely to achieve financial stability.”
Atlantic City has $500 million in debt, and its casino industry has collapsed compared to revenue seen a decade ago.
Though gaming win has stabilized this year, the Trump Taj Mahal closed on Oct. 10, leaving Atlantic City with just seven casinos. It had 12 just a few years ago.
The state takeover could last for as long as five years. Though the New Jersey Local Finance Board voted Wednesday to make the takeover official, Atlantic City can attempt to block the move through the courts. According to the Associated Press, Atlantic City will wait until the details of the state’s plan emerge before it decides whether to seek help from the courts.
The good news for Atlantic City is that New Jersey voters on Tuesday rejected a proposal that would have allowed casinos elsewhere in the state. However, backers of the plan said that it could be revived later, and it would have better chances in a different political climate.
The majority of Garden State lawmakers, as well as Gov. Chris Christie, supported the move to end Atlantic City’s decades-long casino monopoly.
The state is still trying to have the United States Supreme Court hear its sports betting case, which New Jersey hopes would give Atlantic City lucrative sports books.
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