BOARDWALK is the most expensive street in Monopoly, the board game inspired by Atlantic City’s streets. But it has been hard to shift property in Atlantic City, including on the Boardwalk. Developers are waiting for things to turn round before building on an empty plot on the spot where the Playboy Hotel and Casino once stood. That could take some time: bankruptcy for the once-grand seaside resort seems a strong possibility. Don Guardian, the mayor, has said that without state help City Hall will have to give IOU slips to police and firefighters in place of wages. The city council has found a way to keep paying, for now. But by mid-May Atlantic City will not be able to “pass Go”, let alone “Collect $200”.
Thanks to New Jersey’s aggressive supervision of municipal finances, there has been no default or bankruptcy in the state for nearly 80 years. But no town has had so much go wrong so quickly as Atlantic City. In 2014 four of its 12 casinos closed and gaming revenue, which the state relies on, plummeted. Nearly 8,000 jobs were lost in a city with already high unemployment. Punters were still gambling, just not in New Jersey....Continue reading
Source: United States http://ift.tt/1qvR5Iu
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