Atlantic City Hopeful For Summer, Anxious For Bailout Deal
ATLANTIC CITY, NJ (CBS) -- Atlantic City is taking the wraps off another summer season that kicks off with the Memorial Day weekend. At the same time, city and business officials alike are breathing a sigh of relief that a recovery plan for the city government is finally making its way through the New Jersey legislature.
After all, it wasn't that long ago that Mayor Don Guardian was blasting Governor Chris Christie and Senate President Steve Sweeney. Now he refers to them as "my new best friends in Trenton. Forget about all those nasty things I said. I didn't mean it. I take it all back."
The amended plan, which will be voted on by the full Senate and Assembly on Thursday, gives city leaders till the fall, to get their financial house in order. Guardian told KYW Newsradio he believes that's a realistic timetable.
"It allows us locally here to come up with a plan of action over the next 150 days to lay out 5 years of a stable government," he said.
The city will also have access to predictable tax revenue from the casinos for a decade and a bridge loan of 60 million dollars to get them through. The state would take over if that timetable isn't met.
It's not just the city government banking on that bailout, but the private sector as well.
"We can only be as successful as the city is in the final analysis in supporting all of the many things, the non-gaming amenities that take place in the limits of the tourism district," said John Palmieri, head of the Casino Reinvestment Development Authority.
It's those non-gaming amenities that the city's looking toward, long term, to shift this town's fortunes around.
And then there are the eight operating casinos.
"When the state and the city work together as it appears is happening now, great things can happen for Atlantic City," said Mark Giannatonio, CEO at Resorts. "All we're looking for is a stable playing field and an environment to operate successfully".
Governor Chris Christie, who originally refused to consider any changes in his original state takeover plan, is now on record as indicating he will look at the amendments hammered out in weeks of legislative negotiations. But he has not committed to signing the proposal.
