English: City of Allentown from east side (Photo credit: Wikipedia)
Plans to revitalize Allentown’s historic Americus Hotel have suffered a major blow that could set the project back multiple years, according to the hotel owner.
Albert Abdouche said financing for the $16.5 million renovation project has fallen through due to an Allentown authority’s hesitation regarding his plans.
As a result, Abdouche said he is no longer seeking to tap into the Neighborhood Improvement Zone, Allentown’s 127-acre special tax district, to finance the project.
Instead, Abdouche plans to make $1 million in improvements to the first floor with private money, then perhaps return to the Allentown Neighborhood Improvement Zone Development next year to finance the rest of the hotel renovations.
ATLANTIC CITY – Standard & Poor’s downgraded Atlantic City’s credit rating from A-minus to BBB-plus on Monday, citing mainly the closing of four of 12 casinos this year.
The downgrade, which includes a negative outlook for the city, comes as Atlantic City is struggling with the loss of tax revenue because of the closures.
Combined, the shuttered gambling halls – Atlantic Club, Showboat, Revel and Trump Plaza, which closed last Tuesday – generated about $75 million in property tax revenue last year. A fifth – Trump Taj Mahal – may close in November.