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Atlantic City, America’s Worst-Rated Town, Stares at Default
Wall Street Journal ^ | April 28, 2016 | Timothy W. Martin and Heather Gillers

Posted on 04/29/2016 10:40:44 AM PDT by C19fan

Atlantic City has so little money left that it could miss a $1.8 million bond payment due Sunday, a step that would make it the first New Jersey municipality to default on debt since the Great Depression.

The Jersey Shore gambling destination has endured years of strain as a third of its casinos shut down. But now its cash levels are low enough that bankruptcy is a possibility for the 39,000-population city, according to Mayor Don Guardian.

(Excerpt) Read more at wsj.com ...


TOPICS: Business/Economy; Crime/Corruption; Culture/Society; US: New Jersey
KEYWORDS: ac; atlanticcity; casino; casinos; debt; default; gamble; gambling; newjersey; nj; tajmahal
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A complete and utter cesspit of a town even during the gambling boom days. Besides casino gambling one gambled with one's life and property getting in and out of AC.
1 posted on 04/29/2016 10:40:44 AM PDT by C19fan
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To: C19fan

They default and the rest of us get stuck with their bill. Seems to be the popular trend these days. Everybody else’s money.


2 posted on 04/29/2016 10:42:38 AM PDT by bgill (CDC site, "We still do not know exactly how people are infected with Ebola")
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To: C19fan
Well, at least they have the Braves.

Oops - 5 and 17.

Never mind.

3 posted on 04/29/2016 10:44:35 AM PDT by Billthedrill
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To: C19fan

They rolled craps.


4 posted on 04/29/2016 10:44:48 AM PDT by Buckeye McFrog
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To: C19fan

2banana’s Rule:

Long term democrat rule + closed shop powerful public unions + huge FSA = misery, bankruptcy and ruin


5 posted on 04/29/2016 10:45:21 AM PDT by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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To: C19fan

I didn’t go there often, a half dozen times at most. When the gambling monopolies were just Vegas/Nevada, it was a cheaper travel alternative for those closer to the East Coast, especially the thousands along the Jersey Shore. But, over time, between Reservation Casinos, followed by Casinos opening in tons of states, and now online betting; the writing was on the wall that Atlantic City would run out of luck.


6 posted on 04/29/2016 10:45:59 AM PDT by SueRae (An election like no other..)
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To: Billthedrill

“Well, at least they have the Braves.
Oops - 5 and 17.

Never mind.”

I like to think I’m up on MLB to some degree. But dang, how did I miss the Braves move to NJ?


7 posted on 04/29/2016 10:50:17 AM PDT by WinMod70
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To: WinMod70

Pun on “Atlanta”. Fell pretty flat, didn’t it?


8 posted on 04/29/2016 10:51:10 AM PDT by Billthedrill
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To: Buckeye McFrog

Send them some Puerto Rico bonds; that’ll help.


9 posted on 04/29/2016 10:52:13 AM PDT by FirstFlaBn
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To: C19fan

Worse than Camden? Worse than Gary? Worse than East St. Louis?

Whoa. That’s worse.


10 posted on 04/29/2016 10:54:38 AM PDT by Steely Tom (Vote GOP: A Slower Handbasket)
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To: C19fan

Congratulations on reaching that achievement, Atlantic City!

11 posted on 04/29/2016 10:55:48 AM PDT by Blue Jays (Rock Hard, Ride Free)
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To: 2banana

Long term democrat rule + closed shop powerful public unions

my father grew up in AC in the 1920’s and ‘30’s, and for years afterwards, spoke bitterly about the entrenched political machines which strangled the city...

I was there recently, and I certainly would not dare to walk the streets after sundown...sad, as my earliest memories are of the beautiful beach in the early ‘50’s, and the friendliness of my grandparent’s neighbors...


12 posted on 04/29/2016 10:59:39 AM PDT by IrishBrigade
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To: C19fan

Having lots of Trump there really saved that economy. So lets follow their example!


13 posted on 04/29/2016 11:02:09 AM PDT by JohnBovenmyer (Obama been Liberal. Hope Changed)
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To: IrishBrigade

I grew up there and spent my summers at the beach. It used to be the pearl of the East Coast and was absolutely beautiful. Many presidents vacationed in Atlantic City.

Just like Detroit and other cities that suffered under Democrat rule, it is now a hellhole


14 posted on 04/29/2016 11:04:11 AM PDT by neverbluffer
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To: C19fan

Atlantic City, America’s Worst-Rated Town...

Trump’s fault. < /sarc >


15 posted on 04/29/2016 11:04:57 AM PDT by JimRed (Is it 1776 yet? TERM LIMITS, now and forever! Build the Wall, NOW!)
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To: C19fan

16 posted on 04/29/2016 11:13:28 AM PDT by smokingfrog ( sleep with one eye open (<o> ---)
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To: neverbluffer

I grew up there and spent my summers at the beach

my father lived on Iowa Avenue, a block from the bay...same street where the Hotel Ritz and the Tropicana are...


17 posted on 04/29/2016 11:13:46 AM PDT by IrishBrigade
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To: smokingfrog

Wow ... that’s something.


18 posted on 04/29/2016 11:32:17 AM PDT by Kommodor (Terrorist, Journalist or Democrat? I can't tell the difference.)
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To: Steely Tom
East St. Louis?

I've been lost in East St. Louis.

We kept the tires rolling, so that the hubcaps wouldn't get stolen. There's an enormous cemetery there - buddy I was with commented on it. My reply was, "That's where they put the lost tourists."

In all seriousness, it was one of a very few places I've been in my life where I was scared to be. People just looked ... through ... you. Like you weren't there. There was no doubt in my mind that if something happened to me, 1) there would be no help forthcoming and 2) no one would see or know a thing.

So, not a tourist destination, is what I'm saying.

19 posted on 04/29/2016 11:54:01 AM PDT by wbill
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To: smokingfrog

Nice pic! I can see why Bruce Springsteen writes songs about the place.


20 posted on 04/29/2016 12:10:59 PM PDT by Buckeye McFrog
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