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 ...
They default and the rest of us get stuck with their bill. Seems to be the popular trend these days. Everybody else’s money.
Oops - 5 and 17.
Never mind.
They rolled craps.
2banana’s Rule:
Long term democrat rule + closed shop powerful public unions + huge FSA = misery, bankruptcy and ruin
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.
“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?
Pun on “Atlanta”. Fell pretty flat, didn’t it?
Send them some Puerto Rico bonds; that’ll help.
Worse than Camden? Worse than Gary? Worse than East St. Louis?
Whoa. That’s worse.
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...
Having lots of Trump there really saved that economy. So lets follow their example!
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
Atlantic City, America’s Worst-Rated Town...
Trump’s fault. < /sarc >
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...
Wow ... that’s something.
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.
Nice pic! I can see why Bruce Springsteen writes songs about the place.
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