What Will it Take for Atlantic City to Bounce Back?
NJ Senate President Stephen Sweeney said he is concerned that without legislative intervention, Atlantic City could become the next financially strapped, and bankrupt Detroit. He plans to introduce a bill that would take casino tax revenue and pump it into the city’s school budgets. Additionally, under his proposed legislation, Sen. Sweeney says casino operators would have to provide health insurance to their workers as a condition of a state casino license.
Atlantic City has been weathering the economic storm of its life; four casinos are closed and 8,000 jobs are gone. Other casinos are grumbling about the possibility of closing doors.
According to the statistics, the economic devastation is not over. Half of Atlantic City’s tax base has dwindled since 2010. It’s down to $10 billion this year and is expected to decline another billion by next year. The city is seriously in debt and constantly borrowing money. In addition, property taxes are up 53 percent since 2012.
On the same day that Sen. Sweeney announced his proposed legislation to bolster A.C., Gov. Chris Christie told reporters that the only way to save Atlantic City is to shelve politics and deal with the real issues facing the embattled city.
Unfortunately, crime thrives in a bad economy. If you are facing criminal charges in Atlantic or Cape May counties, or anywhere else in Southern New Jersey, contact experienced criminal defense lawyer John W. Tumelty for guidance and skilled representation.