Posted on 01/22/2015 1:26:44 PM PST by Olog-hai
In naming an emergency manager for Atlantic City on Thursday, New Jersey Gov. Chris Christie left the door open for the seaside gambling resort to file for bankruptcy if it can’t get its finances under control.
The Republican governor and likely presidential candidate appointed a corporate turnaround specialist as the city’s emergency manager, and tabbed the man who led Detroit through its municipal bankruptcy as his assistant.
Corporate finance consultant Kevin Lavin will have broad powers over Atlantic City’s finances and operations. Kevyn Orr, who helped lead Detroit through a financial crisis, will serve as special counsel to Lavin. Christie issued an executive order appointing the men, and requiring state and local agencies and workers to cooperate with them.
Neither man would say whether a Detroit-style bankruptcy filing is in store for Atlantic City, calling such talk premature. But the emergency order Christie issued gives Lavin the power “to place the finances of Atlantic City in stable condition on a long-term basis by any and all lawful means, including the restructuring of municipal operations and the adjustment of the debts of Atlantic City pursuant to law.” …
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They never should have killed Nucky Thompson...
Must be caused by those low NJ taxes......
Casinos are a blessing for the local economy!
They were a blessing for those who got in early.
Now everybody has them and they have to compete.
Indiana made a killing from casinos for about 10 years, now all the adjoining states have them and the party is over.
You’ll see a land rush into legal grass now that they see how much dough it’s generating. State legislators can’t resist a new source of “revenue”
They are, when people go to them. AC just can’t compete anymore. Vegas went through a rough patch with the rise of Indian casinos but eventually landed on this “Disney with slots and sluts” spot that has made it profitable again. AC didn’t see the writing on the wall and is still just AC, and that’s just not exciting anymore.
One can depend upon liberalism to pull things down (with appropriate consequence) as one can depend upon gravity.
I’m sure all the wiseguys will get their cut as the carcass of A.C. Is divvied up.
Bankrupcy is probably more from big government and defined benefits than it is casinos.
“Bankrupcy is probably more from big government and defined benefits than it is casinos.”
No more calls, folks. We have a winner.
The prize for winning the last season of Hell’s Kitchen was executive chef at Gordon Ramsey’s Atlantic City restaurant. As they worked their tails off and put up with Gordon’s abuse, I kept wondering; this isn’t much of a prize if that casino closes.
I’m surprised Ramsay never got a cast-iron skillet across the noggin yet.
I might be a decent resume item though, and close to NYC where there are a lot of potential jobs.
I would hope Gordon would do the right thing and find her a position in another of his restaurants if that one closes.
AC was never exciting. Two blocks away from the Casinos the place was/is a dangerous dump.
That fact alone, always had me wondering why they never paid attention to the entire city and twenty years later, I’m still shaking my head in amazement at the city’s stupidity.
It isn’t really close to NYC, and too many people in NYC are opting for the CT casinos (nice places in the woods, roughly the same distance from Manhattan, with no gibsmedats, muggers, or prostitutes). Too much of Atlantic City was dependent on Pennsylvania people (Philly is much closer than NYC, at the other end of the Atlantic City Expressway), and now PA has their own casinos. Some are in urban welfare hives, while others are nice settings in the woods.
All casinos, like other sectors dependent on discretionary income, are hurting from the “roaring economy” that is still in decline despite the lies of our overlords.
If you’re a good chef, you don’t have to work in a casino.
And yes, with casinos in nearly all the states now, the party is over for the “early adopters”.
It was good money while it lasted. Indiana is a good example.
And this is why I supported a state bailout of Detroit as a means of preventing a federal bailout. (It wasn’t so much supporting a state bailout as preventing a federal bailout)
As cities begin to fall and they start screaming for federal bailouts, all can point to Michigan and say “NO”.
Casinos did nothing for NJ; they generated revenue while prolonging the life of a dying seaside resort, but in the end they built up more bloated bureaucracy that has to be dealt with/paid as it collapses. Our lottery itself was supposed to fund public education, yet we somehow still are among the highest in the country in terms of school taxes.
Now there are literally hundreds of thousands of former workers and gibsmedats in southern NJ that need a new source of funding for their livelihoods in the case of the former and their basic necessities in the case of the latter. As businesses close here, we refuse to cut back spending to reflect it, keeping bloated public workforces with incredible compensation and retirement packages instead of dealing with reality. Any attempt to lure new businesses starts with handing them a bill for their share of the costs of services they’ll be expected to fund.
My town (between Newark and Jersey City in NJ, a dozen miles west of NYC) used to have a thriving industrial/port section; it shut down decades ago, but the legacy of that (besides brownfields, dumps, and contamination) is a bloated paid fire department (in a state where most are volunteer) and massive overhead that nobody will touch because of the political costs.
70% black and Hispanic.
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