Do you think NJ will take over Atlantic City?

May 2016:
http://www.nytimes.com/2016/05/28/nyregion/chris-christie-approves-financial-rescue-plan-for-atlantic-city.html?_r=1

After months of political rancor, lawmakers reached an agreement earlier this week, and on Thursday, the State Legislature approved the measures, which give Atlantic City five months to come up with a balanced budget for 2017 and create a five-year plan that puts the city on a path toward financial stability.


the decree was issued in May 2016.
5 months = Oct 2016, which is now.

so odds of the incompetent AC city govt coming up with a balanced budget plan AND implementing it SUCCESSFULLY for 2017?

I'm betting no one will be willing to give up their kick backs and hand outs to save the city.
I expect them to use pie in the sky fairy tale #s for the plan, then asking for more time and $ when the plan (unsurprisingly) fails.

Probably and they'll prefer the state to be the bad guy.

Who is more corupt, NJ state or Atlantic City government?

IMHO the state will be forced into taking over A.C.
The city may or may not get an extension of the deadline,
To give an example of just what the city is trying to do consider this.
One of the recommendations was for the city to sell the water works.
Now keep in mind whoever buys it will surely cut or eliminate the staff entirely. Many of these workers live in the city or have relatives who do. And they vote.
So the water works floated the idea of buying Bader Field for $100 million. Why you may ask?
Simple, nobody will buy the water works when it has 100 million in very questionable debt. "Just a few months ago Bader Field went up for auction. The high bid of 50 million was turned down by the city".
It is all about keeping power. To do that you have to keep the voters happy.
Many of these voters live in low income housing and pay el Zippo in property taxes.
They believe a state takeover is some kind of Civil Rights violation or a conspiracy to promote gentrification of the city pushing them out.
The politicians and civic leaders promote this paranoid rhetoric to the uneducated masses.
The only way out is for the state to come in and swing the budget ax. Local politicians simply won't and act as obstructionists.
The city is running a 100 million dollar yearly deficit.
The total debt stands at 500 million+.
As a side note Penn Gaming offered 800 million for Bader Field in 2008. They planned to build a casino and sell off two casino sites. THE CITY THOUGHT THE OFFER WAS TOO LOW, THEY HELD OUT FOR 1.2 BILLION AND LOST!!!
Yes, the city government is that inept.

You know, it's funny. The Unite Here union still thinks Icahn's plan is to renovate the Taj and reopen in the Spring with non-union workers. Icahn is #26 on Forbes 400 with a net worth of $15.5 billion. The Taj is a pimple on Icahn's ass. You think Icahn really cares about reopening a money loser when he has the profitable Tropicana. Icahn would have to sell the casino which no one would buy unless he basically gave it away. The casino would then become a direct competitor and take profits away from the Trop. Icahn still owns the vacant shell of the Fountainbleu in Las Vegas where he sold much of the steel girders to the Japanese. The casino is never going to built and will remain as a rotting structure across from Circus-Circus. Just like Trump talks about depreciation to offset his taxes Icahn does the same. Owning both properties enables a tax write-off for years to come. Why are they trying to save Atlantic City it's already dead.

Re-open the Taj?
Isn't going to happen with the present market conditions IMHO.
Place needs tens if not a hundred million in remodeling.
For what? To lose money?

This happens in every city. Homes get foreclosed on, but the banks don't want them sold so homes can be built or sold for a lot more in suburbia. It's sad that place might rot, but apparently Icahn is taking it with him.

Atlantic City I really think can do better in tourism, but it won't. People are spending money in the machines near there homes and that money could be brought there. Lots of people don't even think of Atlantic city, and they could if marketing was better. If you have people spending $1000 or $2000 a month in Pittsburgh or Cleveland, wherever a casino in Atlantic City could do well getting only half a few times a year. They could, but they won't.

Quote: 100xOdds

May 2016:
http://www.nytimes.com/2016/05/28/nyregion/chris-christie-approves-financial-rescue-plan-for-atlantic-city.html?_r=1

After months of political rancor, lawmakers reached an agreement earlier this week, and on Thursday, the State Legislature approved the measures, which give Atlantic City five months to come up with a balanced budget for 2017 and create a five-year plan that puts the city on a path toward financial stability.


the decree was issued in May 2016.
5 months = Oct 2016, which is now.

so odds of the incompetent AC city govt coming up with a balanced budget plan AND implementing it SUCCESSFULLY for 2017?

I'm betting no one will be willing to give up their kick backs and hand outs to save the city.
I expect them to use pie in the sky fairy tale #s for the plan, then asking for more time and $ when the plan (unsurprisingly) fails.

http://www.fool.com/investing/2017/01/09/was-the-borgata-mgm-resorts-smartest-acquisition.aspx

New Jersey has taken control of Atlantic City's day-to-day operations because it is essentially bankrupt and can't repay its $500 million debt. The city won't be officially declared insolvent, though; instead, the state's taxpayer's will be called on to make the city's debt payments while the city's overseer has raised the tax rate on property taxes by $9.4 million, most of which will be paid by the casinos.

Atlantic City has been in big trouble for year and I see no sign of recovering. Look at what happen to this city. They lose a lot of casino operators one by one. Citizen had a hard time finding jobs and its city financial status is in bad situation.