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Moody’s drops Atlantic City credit rating, fears default

Wall Street is giving a big thumbs-down to New Jersey's effort to tame Atlantic City's finances.

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Gov. Chris Christie, addressing leaders in Atlantic City Thursday. (Dino Flammia, Townsquare Media)
Gov. Chris Christie, addressing leaders in Atlantic City Thursday. (Dino Flammia, Townsquare Media)
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Christie names emergency management team for Atlantic City

ATLANTIC CITY, N.J. (AP) — Trying to dig Atlantic City out of "an enormous hole," New Jersey Gov. Chris Christie on Thursday appointed a corporate turnaround specialist as the city's emergency manager, and tabbed the man who led Detroit through its municipal bankruptcy as his assistant.

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The recently closed Showboat and Revel Casinos in Atlantic City.
The recently closed Showboat and Revel Casinos in Atlantic City. (Jessica Kourkounis, Getty Images)
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Christie expected to name emergency manager for AC

Despite initial protests by Atlantic City officials, Gov. Chris Christie is expected to announce the appointment of an emergency manager to oversee the troubled resort town's finances, The Press of Atlantic City has reported.

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Trump Taj Mahal Casino Resort, Showboat casino Hotel
The Trump Taj Mahal Casino Resort, left, and the Showboat casino Hotel in Atlantic City N.J. (AP Photo/Wayne Parry)
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Dueling Atlantic City recovery plans as 3rd summit looms

Democratic and Republican plans to help Atlantic City recover from its eight-year losing streak are clashing as Gov. Chris Christie will convene a third summit on the struggling resort's future.

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Trump Taj Mahal Casino Resort in Atlantic City
Trump Taj Mahal Casino Resort in Atlantic City (AP Photo/Wayne Parry)
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After Alliance ends, who will promote Atlantic City?

Abolishing the Atlantic City Alliance, the marketing arm of the casinos that urged people to "Do AC" and staged big, free public events to promote the resort city, is a key element of state plans to help the city recover from its financial crisis.

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Britney Spears
Ethan Miller, Getty Images
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If you give them tax breaks, entertainment will come

New Jersey casinos have long shared competition for not only gambling dollars, but also performance and entertainment revenue, with many nearby states. State Senator Tom Kean has unveiled legislation he believes will help the struggling Atlantic City entertainment scene as well as other venues statewide.

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Atlantic City Mayor: At least we’re not Detroit

Leave it to Don Guardian, the feel-good mayor of ailing Atlantic City, to put his city's woes into context.

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William Thomas Cain, Getty Images
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Almost half of Atlantic City’s casino revenue lost in 8 years

Atlantic City has lost nearly half its casino revenue over the past eight years as competition in nearby states cannibalized its market and drove four casinos out of business.

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Trump Taj Mahal Casino Resort, Showboat casino Hotel
The Trump Taj Mahal Casino Resort, left, and the Showboat casino Hotel in Atlantic City N.J. (AP Photo/Wayne Parry)
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Atlantic City eyes more sports events, meetings

Atlantic City is keeping its eye on the ball as it tries to attract more sporting events and related conventions.

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The recently closed Showboat and Revel Casinos in Atlantic City.
The recently closed Showboat and Revel Casinos in Atlantic City. (Jessica Kourkounis, Getty Images)
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Atlantic City endorses deep spending, job cuts

ATLANTIC CITY, N.J. (AP) -- Wary of state encroachment onto its turf but desperate for more funding, Atlantic City's governing body endorsed a financial recovery plan designed to show New Jersey it is serious about taming its out-of-control finances.

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