Atlantic City Avoids Repaying New Jersey Loan But Loses Aid
- Distressed gaming hub won’t get $11 million remainder
- City failed to meet conditions of $73 million lifeline
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Atlantic City won’t have to immediately repay New Jersey $62 million it borrowed after it broke the state’s conditions for the loan, but it won’t get the remainder that had been pledged.
The distressed gaming hub failed to approve actions needed to dissolve its water authority, as required by the state as collateral for the $73 million loan package that helped pull it from the brink of bankruptcy.