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Hard times in Atlantic City

Thursday, January 28, 2016 - 01:55

New Jersey’s gambling hub now teeters on the brink of fiscal ruin. Officials are proposing actions to reverse the fortunes of this once-thriving casino town, involving new revenue sources and a more complete state takeover of operations. No reporter narration.

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SHOWS: VARIOUS LOCATIONS (FILE) (REUTERS - BROADCASTERS AND DIGITAL: THE MUSIC TRACK IN THIS VIDEO NEWS STORY MUST ONLY BE USED AS PART OF THIS PRODUCTION AND MUST NOT BE STRIPPED OUT AND USED IN ANY OTHER CONTEXT OR PRODUCTION, OR USED IN ANY RE-EDIT OR CUT DOWN OF THE PRODUCTION) 1. VARIOUS STILL PHOTOGRAPHS OF STATE STREET BRIDGE IN HARRISBURG, PENNSYLVANIA AND ATLANTIC CITY, NEW JERSEY, USA STORY: New Jersey's gambling hub now teeters on the brink of fiscal ruin. Officials are proposing actions to reverse the fortunes of this once-thriving casino town, involving new revenue sources and a more complete state takeover of operations. Atlantic City's local officials backed a revised plan proposed by New Jersey Governor Chris Christie on Tuesday (January 26) that called for the city to be rescued through additional layers of state oversight and new revenue sources. The plan, which Christie introduced with state Senate President Steve Sweeney and Atlantic City Mayor Don Guardian by his side, combines elements of previous proposals to save the distressed gambling hub. The city council passed a resolution late on Tuesday to support the new proposal. The state already controls the city's budget, hiring and other finances, but previous legislation Sweeney introduced this month proposed a more complete takeover of operations.

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Hard times in Atlantic City

Thursday, January 28, 2016 - 01:55