New Jersey Taking Steps to Takeover Atlantic City
Wayne Perry from the Associated Press reports on the latest developments in the saga of Atlantic City, which could pave the way for the state of New Jersey to take over the city's assets and decision-making power.
According to the article, the New Jersey Department of Cultural Affairs rejected a five-year financial plan designed to turn the city around. The plan would have laid off 100 workers, cut spending, and sold city-owned land to help the city pay down $500 million in debt.
Mayor Don Guardian promised before the decision to appeal a negative result in court. The article includes more details about the political implications of the decision, as well as the potential for a state takeover of the city. Planetizen has been tracking Atlantic City's financial turmoil, and its attempts at a comeback, since a wave of casino closures in 2014.