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A State Takeover in Atlantic City is Now an Intervention
- February 15, 2016 By Samantha A. -
The lawmakers throughout New Jersey are now working on resolving the troubling finances of the once was casino in Atlantic City. This is still going to mean that the state has control over the casino as a whole, but it also means that the casino can work to get their finances in order, so perhaps the casino might not have to be sold into different hands. This gives the Local Finance Board direct handle of the property for five years, to ensure that it is properly taken care, but can do whatever they wish to do with it within that time if nothing is being done regarding the casinos finances.
Being Called an Intervention, Rather Than a Takeover
This term is being used widely in the case of the casino. It helps the casino, but also ensures that the state, and lawmakers are making the right choice, in case something does happen, so that they still have power over the casino.
This not just take into account the casino itself, but the entire Atlantic City area is under a financial crisis, and by allowing people, and business owners to take care of their debt, instead of selling everything off, it gives not only these specific people the chance to come together and move forward, but the entire city and state, as a whole. This decision was made by the board, and also the lawmakers of the city. It is a decision that seems to be a wise one for everyone that is involved.
Gov. Chris Christie put this bill into effect, and continues to put others that were brought to the board into effect to hopefully help the area out, and get them back on their feet. What was once a lively, booming town with little to no problems has suddenly become a financial crisis, and everyone involved is going to need to do their part to make sure that something is done to restore the area back to it’s former glory.