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BUSINESS
February 16, 2015 | By Harold Brubaker, Inquirer Staff Writer
There's no doubt Mayor Don Guardian is serious about cutting the cost of Atlantic City government. On Wednesday, when Guardian delivers his "State of the City Address" to Atlantic City Council, he is expected to talk about plans to cut $15 million from the city's payroll budget as part of an effort to drastically reduce the cost of governing the city. When he rises to speak, Guardian does so as the only New Jersey mayor with a casino industry, one planted there by the state in the 1970s.
BUSINESS
February 14, 2015 | By Harold Brubaker, Inquirer Staff Writer
Borgata Hotel Casino & Spa, Atlantic City's highest-grossing and most profitable casino, logged excellent fourth-quarter financial results, Boyd Gaming Corp., its managing partner, reported Thursday. "We set all-time quarterly records for market share in every single metric, including table win, slot win, poker, and gross gaming revenue," Keith Smith, Boyd's president and chief executive, said on a conference call with analysts. "We're seeing growth in our non-gaming business as well.
NEWS
February 12, 2015 | By Harold Brubaker, Inquirer Staff Writer
The Revel curse struck again Tuesday, as the bankrupt Atlantic City casino hotel terminated its $95.4 million deal with Florida investor Glenn Straub. If U.S. Bankruptcy Judge Gloria M. Burns approves the move - which also means that Revel would keep Straub's $10 million deposit - it will be the second time a bankruptcy sale of the $2.4 billion Revel evaporated in acrimony. Burns set a Wednesday hearing. Brookfield Asset Management Inc., of Toronto, walked away in November from its deal to buy Revel for $110 million, abandoning its $11 million deposit.
ENTERTAINMENT
February 11, 2015 | By Amy S. Rosenberg, Inquirer Staff Writer
ATLANTIC CITY - When Ralph Hunter Sr. saw Glynnis Reed arrive at her new exhibition in the city's Arts Garage the other day, he walked across the hall from his African American Heritage Museum to tell her how much he thought of her work. The exhibition, called "Ascending Beauty," features mesmerizing digital creations composed of Reed's photographs of African American women set against, inside, behind, and through her photographic images of nature. Hunter, 77, said he was so taken by a piece titled Bessie - a portrait of Reed's grandmother, sculpturally ending just below the shoulders, bustlike, with painterly light and greenery streaked around and across her face - that he bought it on the spot.
NEWS
February 11, 2015 | By Kelly Flynn, Inquirer Staff Writer
When Clearview Regional High School teacher Jenna Scott informed her students that U.S. Rep. Frank LoBiondo (R., N.J.) was coming to their Advanced Placement government and politics class, she told them to do their research and ask about something more than his life. They did, questioning the congressman on Monday on a variety of issues, including the plight of Atlantic City, the implications of the Patriot Act, and the future of the Guantanamo Bay detention camp for terror suspects.
NEWS
February 9, 2015 | By Suzette Parmley, Inquirer Staff Writer
The wrath of Hurricane Sandy and Atlantic City's financial meltdown left many Shore towns with among the highest property-tax increases in the state over the last five years. Atlantic County had the greatest increase in property-tax bills - 34 percent - from 2009 to 2014, according to an annual report from the New Jersey Department of Community Affairs released last week. Ocean County property-tax rates went up an average of 14 percent. But the average property-tax bill in Point Pleasant Beach rose 22 percent, and the town of Long Beach had a 21 percent increase.
NEWS
February 9, 2015 | By Harold Brubaker, Inquirer Staff Writer
Legal maneuvers over the potential sale of the bankrupt Revel Casino Hotel flew into the weekend as Florida investor Glenn Straub's Monday deadline to buy the property for $95.4 million approached. "The whole thing has gotten a lot more complicated," said Stuart J. Moskovitz, an attorney for Straub. Straub has agreed to buy the Atlantic City complex - which cost $2.4 billion to build - but on terms that have been under attack by Revel's tenants. Lawyers for ACR Energy Partners L.L.C., which owns the utility plant that supplies electricity and hot and cold water to Revel, filed an emergency motion Saturday morning in U.S. District Court in Camden.
BUSINESS
February 5, 2015 | By Harold Brubaker, Inquirer Staff Writer
ATLANTIC CITY - Atlantic City borrowed $12 million from Bank of America Merrill Lynch to refinance a note that was due Tuesday, Mayor Don Guardian said. The loan helped the city clear its first significant financial hurdle since Gov. Christie appointed an emergency manager last month, a move that made lenders wary of lending to the city. The new loan, which came in just in time to help repay a $12.8 million note, has a six-month term and a high annual interest rate of 5 percent, costing the city $300,000, Guardian said.
NEWS
February 3, 2015 | By Harold Brubaker and Amy S. Rosenberg, Inquirer Staff Writers
Just how wary lenders are of Atlantic City's credit is evident in their recent demands as the city tries to refinance $12.8 million in debt due Tuesday. Three lenders expressed interest in making the loan, but one wanted to charge 12 percent interest. Another was willing to lend at a lower rate but wanted a state guarantee, which the state rejected, Mayor Don Guardian said Saturday. Talks continued with a third prospective lender, and a decision is expected Monday, Guardian said, adding: "We are prepared to make the payment regardless.
NEWS
February 3, 2015 | Inquirer Editorial Board
In Atlantic City, where Democrats outnumber Republicans nine to one, voters signaled a desire for change when they elected Republican Don Guardian mayor in 2013. Guardian had stated candidly and correctly that the city needed to fashion a new economy because the old one, based on casinos, was waning. Even as a third of the city's 12 casinos closed during his first year in office, Guardian seemed to be making the right moves. He has cut the budget, embraced heightened state fiscal supervision, and, unlike his insular predecessor, reached out to experts and Gov. Christie.
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