VIDEO: Atlantic City Still Working on Resort's Finances
ATLANTIC CITY - Atlantic City is staying afloat with a loan from the state, as work continues to stabilize the resort's finances. Mayor Don Guardian announced that paperwork for a state bridge loan has been signed, but the money has not been delivered to the city. In order to receive the money from the state, the city had to agree to initiate an ordinance to dissolve the Atlantic City Municipal Utilities Authority, using MUA assets, along with proceeds from the sale of Bader Field. The city also had to dismiss a lawsuit against the state, and agree to report to the state on a weekly basis. Guardian says the city was still able to make a debt payment of nearly $3.5 million dollars Monday. He also says that if the city had access to redirected casino revenue, that a bridge loan would not have been necessary, however, the municipal stabilization and recovery act restricts the city's access to those payments.