Atlantic City Poised to Diminish With Nearby Gaming: Muni Credit
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Atlantic City’s recovery from Hurricane Sandy delivered a 45 percent drop in borrowing costs in 2013. That may be as good as it gets as the resort’s casino revenue slides for a seventh straight year.
A year after Atlantic City survived the biggest storm in New Jersey history, its casino revival is faltering amid competition from nearby states. Its 12 venues are on pace for their worst year in more than two decades. The owner of the Revel Casino-Hotel, a $2.6 billion resort Governor Chris Christie is counting on to inject new life into the city’s gambling market, filed for bankruptcy in March, emerging in May.