The Doom That Came to AC
July 23rd, 2014 at 3:17:05 PM
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The name of the game is clear. The game itself not so much. Here is a much clearer interpretation of the really big game:
Moody's Downgrades Atlantic City's Credit Rating to Junk
Wednesday, 23 Jul 2014 05:58 PM
Atlantic City, New Jersey, the gambling hub that’s been pummeled by regional competition in the U.S. Northeast, had its credit rating cut two levels to speculative grade by Moody’s Investors Service. The reduction to Ba1 from Baa2 on the city’s $245 million of general-obligation debt reflects a weakened tax base resulting from anticipated casino closings, the New York-based ratings company said Wednesday in a statement. The outlook remains negative.
“The downgrade to Ba1 reflects the city’s significantly weakened tax base, revenue-raising ability and broader economic outlook,” analysts Vito Galluccio and Julie Beglin said in the statement. “These result from ongoing casino revenue declines, expected near-term casino closures, and the impact of sizable casino tax appeals, all of which has stemmed from increased competition from casinos in neighboring states.” bloomberg via money news.com
Moody's Downgrades Atlantic City's Credit Rating to Junk
Wednesday, 23 Jul 2014 05:58 PM
Atlantic City, New Jersey, the gambling hub that’s been pummeled by regional competition in the U.S. Northeast, had its credit rating cut two levels to speculative grade by Moody’s Investors Service. The reduction to Ba1 from Baa2 on the city’s $245 million of general-obligation debt reflects a weakened tax base resulting from anticipated casino closings, the New York-based ratings company said Wednesday in a statement. The outlook remains negative.
“The downgrade to Ba1 reflects the city’s significantly weakened tax base, revenue-raising ability and broader economic outlook,” analysts Vito Galluccio and Julie Beglin said in the statement. “These result from ongoing casino revenue declines, expected near-term casino closures, and the impact of sizable casino tax appeals, all of which has stemmed from increased competition from casinos in neighboring states.” bloomberg via money news.com
