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NEWS 9 January 2015

Atlantic City rejects emergency manager

By David Cook
Atlantic City has rejected the proposal of a state-appointed emergency manager, despite recently agreeing to budget cuts over the next four years.

The city council agreed to the plan of budget cuts on Wednesday, which involves the approximate $260m budget being slashed by $40m.

Reductions will also be made to the municipal workforce, and the plan calls for the state to give permission to divert pension payments to debt reduction as part of aims to generate approximately $20m in state aid.

But an emergency manager will not be in place to hold local control over the city’s budget and hiring decisions.

The new plans, which dovetailed recommendations made by the advisory commission, were first put forward by Atlantic City Mayor Don Guardian in December.

Four casinos closed in the city in 2014, while the prospective owner of the Trump Taj Mahal recently came up with the money to keep it open through bankruptcy proceedings and beyond a planned closure date of 20 December.

Meanwhile, the main operating unit of Caesars Entertainment, a firm which owns three casinos in the city, could file for Chapter 11 bankruptcy protection this month.

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