{"id":146,"date":"2024-06-16T09:40:08","date_gmt":"2024-06-16T06:40:08","guid":{"rendered":"https:\/\/tashirodc.com\/2024\/06\/16\/christie-backs-state-takeover-of-atlantic-city-finances\/"},"modified":"2024-06-17T14:51:10","modified_gmt":"2024-06-17T11:51:10","slug":"christie-backs-state-takeover-of-atlantic-city-finances","status":"publish","type":"post","link":"https:\/\/tashirodc.com\/2024\/06\/16\/christie-backs-state-takeover-of-atlantic-city-finances\/","title":{"rendered":"Christie Backs State Takeover of Atlantic City Finances"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/t6JjL7wR1SQ\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Governor Christie Supports State Intervention in Atlantic City&#8217;s Fiscal Crisis<\/p>\n<p>In a significant development for Atlantic City, New Jersey&#8217;s Governor, Chris Christie, has endorsed a strategy that would give the state authority over the financially troubled city&#8217;s finances for the upcoming five years.<\/p>\n<p>This recent proposition, already approved by the Atlantic City council earlier this week, has received backing from prominent figures such as New Jersey Senate President Steve Sweeney and Atlantic City Mayor Don Guardian.<\/p>\n<p>Although the state already influences the city&#8217;s budget, employment, and other fiscal matters, this new accord would considerably broaden those powers. Governor Christie, aiming to implement this agreement by February, would be granted extensive new control to reorganize city debt, cancel municipal agreements, dismantle city agencies, and liquidate city properties \u2013 all presented as remedies for a worsening debt predicament.<\/p>\n<p>Atlantic City&#8217;s economic struggles are primarily linked to the downturn of its gambling sector.  In the last ten years, income from the industry has been halved, dropping from $5.2 billion to $2.6 billion. The situation worsened in 2014 when four casinos permanently closed, costing the city substantial tax revenue.  Currently, Atlantic City faces a $2.4 billion debt burden, with an additional $160 million potentially owed to the Borgata casino depending on the result of a tax dispute.  Forecasts for the next five years present a grim outlook, with shortfalls anticipated to surpass $300 million. <\/p>\n<p>Income for Atlantic City is under pressure due to rivalry from neighboring states.  While declaring insolvency is a possibility, it&#8217;s a course of action that Governor Christie has firmly opposed. <\/p>\n<p>Critics are swift to note that such an action would not aid the city in drawing investors over time.  Yet, with agencies that assess creditworthiness already lowering the city&#8217;s bond ratings to highly speculative (CCC-), pursuing bankruptcy may not significantly alter the situation. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Governor Christie Supports State Intervention in Atlantic City&#8217;s Fiscal Crisis In a significant development for Atlantic City, New Jersey&#8217;s Governor, Chris Christie, has endorsed a strategy that would give the state authority over the financially troubled city&#8217;s finances for the upcoming five years. This recent proposition, already approved by the Atlantic City council earlier this [&hellip;]<\/p>\n","protected":false},"author":109,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Atlantic City Gets Lifeline? Christie Backs State Takeover<\/title>\n<meta name=\"description\" content=\"Will Governor Christie\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tashirodc.com\/2024\/06\/16\/christie-backs-state-takeover-of-atlantic-city-finances\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Christie Backs State Takeover of Atlantic City Finances\" \/>\n<meta property=\"og:description\" content=\"Will Governor Christie\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tashirodc.com\/2024\/06\/16\/christie-backs-state-takeover-of-atlantic-city-finances\/\" \/>\n<meta property=\"og:site_name\" content=\"Experience the Best of Online Casino Gaming | Licensed &amp; Thrilling\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-16T06:40:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-17T11:51:10+00:00\" \/>\n<meta name=\"author\" content=\"Athena &quot;Astra&quot; Sinclair\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Athena &quot;Astra&quot; Sinclair\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/tashirodc.com\/2024\/06\/16\/christie-backs-state-takeover-of-atlantic-city-finances\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/tashirodc.com\/2024\/06\/16\/christie-backs-state-takeover-of-atlantic-city-finances\/\"},\"author\":{\"name\":\"Athena \\\"Astra\\\" Sinclair\",\"@id\":\"https:\/\/tashirodc.com\/#\/schema\/person\/c8c3a62b69017a5fc879d27a60233b55\"},\"headline\":\"Christie Backs State Takeover of Atlantic City Finances\",\"datePublished\":\"2024-06-16T06:40:08+00:00\",\"dateModified\":\"2024-06-17T11:51:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/tashirodc.com\/2024\/06\/16\/christie-backs-state-takeover-of-atlantic-city-finances\/\"},\"wordCount\":311,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/tashirodc.com\/#organization\"},\"articleSection\":[\"Gambling\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/tashirodc.com\/2024\/06\/16\/christie-backs-state-takeover-of-atlantic-city-finances\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tashirodc.com\/2024\/06\/16\/christie-backs-state-takeover-of-atlantic-city-finances\/\",\"url\":\"https:\/\/tashirodc.com\/2024\/06\/16\/christie-backs-state-takeover-of-atlantic-city-finances\/\",\"name\":\"Atlantic City Gets Lifeline? 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