December 13, 2014 |
ATLANTIC CITY - A city tax lien sale brought faltering Atlantic City some pre-Christmas cheer Thursday - a $22 million tax bill from bankrupt Trump Plaza and Taj Mahal will be paid - but also some coal: Nobody bid on a $32.5 million unpaid tax bill from Revel. "I'm concerned," said the city's revenue director, Michael Stinson, after the four-hour sale, with a total of nearly $59 million in owed taxes on 1,000 properties, yielded at most half of that. Stinson said the tax sale plus an imminent $40 million note sale should be enough to get the city over the immediate 2014 budgetary crisis.
December 12, 2014 |
Another inflection point in the agonizing process of trying to find a new owner for Atlantic City's $2.4 billion Revel Casino Hotel could come Friday. U.S. Bankruptcy Judge Gloria M. Burns on Wednesday scheduled a hearing for that morning to consider Revel AC Inc.'s motion to terminate its agreement to sell its property to a subsidiary of Brookfield Asset Management Inc. for $110 million. Revel also asked the judge to schedule a hearing to approve the sale of Revel to the backup bidder, Glenn Straub, for $94.4 million.
December 11, 2014 |
The full extent of Atlantic City's economic turmoil showed up in October's metropolitan-area employment report, released Tuesday by the Bureau of Labor Statistics. Atlantic County, which is home to Atlantic City, lost 9,900 jobs in the 12 months ended Oct. 31, as four of the city's dozen casinos closed. A fifth, the Trump Taj Mahal, could close Dec. 20. The next-biggest job loss nationally - 2,200 - was recorded in Davenport, Iowa, and two cities just across the Mississippi River in Illinois.
December 7, 2014 |
The Trump Taj Mahal in Atlantic City is likely to remain open until Dec. 20, as its parent company continues to negotiate for financial aid from the city or the State of New Jersey, the bankrupt Trump Entertainment Resorts said Friday. However, some employees already started working fewer hours this week, Kathleen McSweeney, senior vice president of market operations for Trump Entertainment, said in a statement. The Taj Mahal closed one of its hotel towers Monday, and at that point still planned to close the casino next Friday, according to a Nov. 26 petition on its closing plans filed with the New Jersey Division of Gaming Enforcement.
December 6, 2014 |
TRENTON - Atlantic City Mayor Don Guardian canceled plans to testify before a legislative panel here Thursday. He was expected to address the challenges facing the gaming industry and his city, which has experienced four casino closings and thousands of job losses recently. Chris Filiciello, Guardian's chief of staff, said the mayor did not appear because of personal reasons. He plans to reschedule at a time to be decided later. Gov. Christie has formed a commission to determine how to boost the flagging resort town's fortunes, and legislators have proposed allowing casinos to make payments in lieu of taxes to stabilize the city's finances.
December 5, 2014 |
This week, Camden Mayor Dana Redd told a crowd at a public event that more big news was on the horizon for the city's economic development. Officials won't say more publicly, but two people with knowledge of the project said Wednesday that Subaru of America will soon announce its move from Cherry Hill to Camden. Michael McHale, a spokesman for Subaru, said the company has been scouting possible sites for some time, including property in Philadelphia, but declined to say whether a decision had been made.
December 2, 2014 |
Talk about a ring-a-ding-dinging endorsement. Frank Sinatra - his recorded voice, that is - introduced Tony Bennett at the Borgata Event Center in Atlantic City on Friday. "Tony's going to come out now and he's going to tear the seats out of the place for you," said The Voice from beyond the grave. "He's my man, this cat. . . . He's the greatest singer in the world today, this man, Mr. Tony Bennett!" Sinatra's admiration stood Bennett in good stead while Ol' Blue Eyes was alive, and since the Chairman's death in 1998, the singer born Anthony Benedetto has had Great American Songbook elder-statesman status to himself.
November 30, 2014 |
An Atlantic City firefighter fell through the floor of an abandoned rowhouse, and two others were injured, as they rescued a woman from a two-alarm blaze less than an hour after their Thanksgiving meal Thursday. The blaze ignited around 6:55 p.m. on a block of abandoned rowhouses, the windows and doors covered with plywood, along Lighthouse Court. Investigators are calling the blaze suspicious - there was no working electricity or heat in the home that could have caused it. When firefighters arrived at the home, they had to rip off plywood and cut it with a saw, Atlantic City Fire Chief Dennis J. Brooks said Friday.
November 27, 2014 |
Municipal bondholders owed $118.9 million are at the center of a dispute that is threatening the sale of Atlantic City's bankrupt Revel Casino Hotel. But two New Jersey companies, whose joint venture built and operates Revel's utility plant and owes the $118.9 million, could suffer significant collateral damage if efforts this week to salvage the sale are unsuccessful. The two partners each have $20 million in equity at stake in ACR Energy Partners L.L.C., the plant that chills water for Revel's air-conditioning, provides hot water, and distributes electricity to the 47-story tower.
November 25, 2014 |
ATLANTIC CITY - This town has always had its bosses. Its political Nuckys, Haps, and Sonnys, its corporate Steves and Donalds, its gangster Nickys and Joeys. But is the Boardwalk Empire ready for a new emperor? One with unilateral power to sideline the city's Republican mayor and Democratic council, throw out municipal labor contracts, sell off assets, slash spending, and privatize city departments? Jon F. Hanson, powerful two-time author of how-to-save-Atlantic-City reports delivered to Gov. Christie, is proposing exactly that - an emergency manager with "extraordinary supervisory powers" to stabilize a cratering city where casinos have closed and debt and taxes have skyrocketed.