AC getting a bailout aka kicking the can to 2021
May 28th, 2016 at 4:45:47 PM
permalink
http://money.cnn.com/2016/05/27/news/economy/atlantic-city-rescue-chris-christie/
The New Jersey legislature passed a bill Thursday that would give Atlantic City a $75 million loan and 150 days to get its finances in order. If five months from now, Atlantic City can't devise a strategy to balance its budget by 2021, the state could take control of the local government.
A separate bill, also passed Thursday, would allow Atlantic City to collect direct payments from its casinos in lieu of taxes. Those payments would total $120 million a year over the course of 10 years.
--> the corrupt/inept AC officials will create a pie-in-the sky plan that has NO chance of succeeding to get that $$$.
yes, I'm being cynical. :)
and I always thought taxes from casinos went to AC already?!?!
also:
"Atlantic City's current financial woes started in 2014, when four of the city's casinos closed down. They accounted for about 70% of the city's tax revenue.
Of the four remaining casinos, three have filed for Chapter 11 bankruptcy protection, including Caesar's, Bally's and Trump Taj Mahal "
--> wait.. WHAT?!
1) the recent closed casinos accounted for 70%?!
2) there's only 4 casinos left in AC?
The New Jersey legislature passed a bill Thursday that would give Atlantic City a $75 million loan and 150 days to get its finances in order. If five months from now, Atlantic City can't devise a strategy to balance its budget by 2021, the state could take control of the local government.
A separate bill, also passed Thursday, would allow Atlantic City to collect direct payments from its casinos in lieu of taxes. Those payments would total $120 million a year over the course of 10 years.
--> the corrupt/inept AC officials will create a pie-in-the sky plan that has NO chance of succeeding to get that $$$.
yes, I'm being cynical. :)
and I always thought taxes from casinos went to AC already?!?!
also:
"Atlantic City's current financial woes started in 2014, when four of the city's casinos closed down. They accounted for about 70% of the city's tax revenue.
Of the four remaining casinos, three have filed for Chapter 11 bankruptcy protection, including Caesar's, Bally's and Trump Taj Mahal "
--> wait.. WHAT?!
1) the recent closed casinos accounted for 70%?!
2) there's only 4 casinos left in AC?
Last edited by: 100xOdds on May 28, 2016
Craps is paradise (Pair of dice).
Lets hear it for the SpeedCount Mathletes :)
