Christie To Convene Second Atlantic City Summit
ATLANTIC CITY, N.J. (AP) — Governor Chris Christie is set to hold his second Atlantic City summit Wednesday as the state and city cope with a failing gambling market that has forced four casinos to close.
A fifth casino is on the brink and the city is struggling with a loss in tax revenues and growing unemployment.
The session, like an initial one in September, will bring together casino, government and labor leaders to discuss ideas to help the struggling gambling resort, although no specific recommendations have yet been made. Wednesday's meeting is expected to focus on potential relief from taxes and other costs for casinos, while making sure the city government and schools have enough money to function.
Earlier this week, state Senate President Steve Sweeney offered a plan to redirect some casino redevelopment payments toward paying down Atlantic City's debt, and letting casinos make $150 million in payments in lieu of taxes for two years before a different tax structure kicks in for the next 13 years.
Legislators from northern New Jersey and the state's horse racing industry are also pushing hard for the state to allow casinos outside of Atlantic City.
The governor has said Atlantic City is undergoing a natural and necessary transformation as it expands beyond a gambling-only resort. Before the first summit, Christie's administration announced it would allow casinos and horse tracks to offer sports betting. But that strategy was struck down by a judge.
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