Needless to say, the gambling sector of New Jersey is experiencing major financial hurdles and regardless of authorities’ efforts, the consequences of the closures of the four casinos last year and the problematic economy in general cannot be easily overcome.
In point of fact, Governor Chris Christie announced that Atlantic City should be prepared for more layoffs. The Governor is impatiently waiting for the results of the study conducted by the emergency team Christie himself appointed two months ago. He is relying on the recommendations of the emergency team members in order to remedy the complicated financial condition of the region.
Actually, the results of the study will determine what the next cuts will be.
However, people with knowledge on the matter suspected that the members of the emergency team will not suggest bankruptcy as a possible alternative for solving the financial issues of the city.
According to a reputable local media, the report will also include options for solving the issues related to the contract restructuring of school employees. The emergency team is believed to propose certain amendments in the budget and Governor Christie is supposed to discuss the matter with communities.
Meanwhile, some officials raised their concerns that the appointment of Kevin Lavin and Kevyn Orr will inevitably lead to the idea for bankruptcy.
Anyway, the Assemblyman Chris Brown announced that the report of Kevin Lavin is going to be released within a few hours. Mr. Brown also revealed that the report will be available on the website of the Department of Community Affairs.
However, an assistant of the Mayor remained tight-lipped as to whether the information is true or details will be released at a later stage, as initially planned.
Brown commented on the matter and confirmed that the report is not likely to propose bankruptcy. On the contrary – the main responsibility of the members of the emergency team is to assist Atlantic City officials in finding a short-term solution for the financial issues and eventually help them deal with the overwhelming debt of the City.
Brown went on to say that the top priority of the emergency team is helping the city overcome its financial issues by restructuring the debt and analyzing the strong and weak sides of the local economy. At the same time, the working families should be spared from paying unbearable taxes.
