Why Atlantic City is in financial emergency

Why Atlantic City is in financial emergency

Gambling revenues cut in half in the last eight years. Property values declining. A third of its casinos shutting down. “Unsustainable bond issuances” funding pension payments. “Imminent danger of running out of cash.”

That’s what former Detroit Emergency Manager Kevyn Orr will face as a special consultant to Atlantic City’s newly named emergency manager, according to New Jersey Gov. Chris Christie’s executive order. Here’s the full document:

EO-171