Yes, Atlantic City’s financial situation is getting a bit better, but investors are still being warned to proceed with caution.
Of course, you won’t know that if you just read the Press of Atlantic City. Or listened to the boasting of AC Mayor, Marty Small. Both paint a rosy picture of the city.
Moody’s Investors Service says Atlantic City is still below investment grade, but has upgraded the city’s credit rating two notches.
County Exec Denny Levinson: I sympathize with Jim Allen and Hard Rock. All that investment they put into their casino property.
You gonna walk Pacific Ave and say you’re proud of it?
Levinson: In Atlantic City, you gotta go inside the (casinos) if you want to have a good time.
Local news coverage of Atlantic City is not always accurate. It’s almost as if they’re protecting the city from bad news coverage.
Press of AC reporters are always changing. No real followup on stories. ‘I guess you can tell them anything you want’ says Levinson.
NOTE: Press of AC reporters are well-known for often acting like PR agents, rather than reporters.
Atlantic City had 45 year head start. They blew it.
When the State of NJ took over AC, the city was $100 mil in debt. Now, the city is $450 mil in debt.
NOTE: MUA, Atlantic City Water Company just raised rates too. Press of AC forgot to cover this story.
State can’t even run the state. NJ is bleeding residents. They’re fleeing the state in record numbers. Just like other poorly run states, including California.
Non-casino taxpayers are responsible for all future tax hikes. Casinos are protected from tax hikes.
NJ is highest taxed state in the country.
Weak ordinance enforcement from both the city and CRDA.