Atlantic City to Eliminate 300 Jobs as Casinos Close, Mayor Says

Tuesday, 26 Aug 2014 12:35 PM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

Atlantic City, the New Jersey gambling resort where three casinos will close by mid-September, expects to eliminate almost 18 percent of its municipal workforce, Mayor Don Guardian said.

The city, buffeted by successful casino property-tax appeals and competition from neighboring states, had its credit rating cut to speculative grade by Moody’s Investors Service last month. It’s seeking to cut $40 million in spending over the next four years, Guardian said today in a conference call with reporters.

The workforce is down 80 positions through attrition, he said, toward a goal of 300 jobs eliminated. The mayor gave no date for cuts.

“I don’t believe that we can wait any longer for attrition to meet that,” Guardian said. “We’re looking at every department. There’s no one that we’re not considering.”

Atlantic City has about 1,250 full-time jobs, according to Michael Stinson, the city’s revenue and finance director. Salaries and wages account for 43 percent of budget appropriations, according to a bond-offering statement.

Moody’s on July 23 cut the city’s $245 million of general-obligation debt to Ba1, the highest junk grade, citing the reliance on the gambling industry, whose revenue has dropped for seven straight years. Caesar’s Showboat, the Revel Casino Hotel and Trump Plaza Hotel & Casino are to close by the middle of next month.

© Copyright 2014 Bloomberg News. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

John Kasich 2016: 7 Key Political Positions of GOP Presidential Hopeful

Friday, 19 Dec 2014 22:22 PM

John Kasich has been involved in the national scene since the 1980s as a U.S. congressman and popular governor from Ohio . . .

Stocks Rise in Best Week Since October as Energy Industry Gains

Friday, 19 Dec 2014 16:56 PM

Oil and gas companies led the stock market up Friday, helping the Standard Poor's 500 index notch its second-best week . . .

Fed's Williams Sees June as Time to Start Considering Higher Rates

Friday, 19 Dec 2014 15:10 PM

Federal Reserve Bank of San Francisco President John Williams said next June will be the right time to consider when to  . . .

Most Commented
Top Stories

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved