Atlantic City To Consider Asking For Bankruptcy
ATLANTIC CITY, N.J. (AP) — Atlantic City's local government will meet Tuesday afternoon to consider asking New Jersey for permission to declare bankruptcy.
The struggling seaside gambling resort is still reeling from Gov. Chris Christie's veto of a financial aid package, $160 million in tax appeals from its top casino and the continuing slowdown of its casino industry.
It's also trying to fight off a state takeover attempt.
But even if Atlantic City decides it has no other way out of its financial hole, it still needs the state's permission to file for bankruptcy. And state Senate President Steve Sweeney, who sponsored the takeover bill, predicts the state Local Finance Board won't grant approval.
Sweeney and Gov. Chris Christie both say Atlantic City has spent its way into trouble over decades.
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