Atlantic City Has $12.8M Debt Due Tuesday; Lenders Wary

Just how wary lenders are of Atlantic City’s credit is evident in their recent demands as the city tries to refinance $12.8 million in debt due Tuesday.

Three lenders expressed interest in making the loan, but one wanted to charge 12 percent interest. Another was willing to lend at a lower rate but wanted a state guarantee, which the state rejected, Mayor Don Guardian said Saturday.

Talks continued with a third prospective lender, and a decision is expected Monday, Guardian said, adding: “We are prepared to make the payment regardless.”

The financial turmoil in Atlantic City, half of whose gambling revenue has disappeared since 2006, has intensified in the last year, as four of 12 casinos have closed, and 8,000 people have lost their jobs.

Read more at http://www.philly.com/philly/news/new_jersey/20150202_Atlantic_City_must_refi__12_8M_debt_due_Tuesday__lenders_are_wary.html#ko1yGKWcfBpViIB0.99

Pa., N.J. Lawmakers Launch Effort To Rein In Delaware River Port Authority

English: A shot from the Pyramid Club of the Benjamin Franklin Bridge at night. First posted at: Brozzetti Gallery (Photo credit: Wikipedia)

Republican legislators in Pennsylvania and New Jersey are planning a coordinated effort to change the Delaware River Port Authority and alter its federal charter.

Bills will be introduced in Harrisburg and Trenton to prohibit economic-development spending by the DRPA, give Pennsylvania’s governor the same veto authority over DRPA actions now held by New Jersey’s governor, and require state Senate confirmation of gubernatorial appointments to the DRPA board in Pennsylvania, as is now done in New Jersey.

The bills would also:

– Require a two-thirds majority of the board to approve any toll increases on the DRPA’s four toll bridges;

Read more at http://www.philly.com/philly/news/politics/20140326_Pa___N_J__lawmakers_launch_effort_to_rein_in_DRPA.html#b3cTW5MXkkoRHgws.99

New A.C. Mayor Vows Better Relationships With State, Casinos

English: Atlantic City (NJ) – The boardwalk in a rainy day (Photo credit: Wikipedia)

ATLANTIC CITY, NJ – Talk about shuffling the deck.

In an unexpected outcome, voters replaced two-term incumbent and Gov. Christie foe Mayor Lorenzo Langford with an openly gay Republican who rides a bicycle to work and whose current job is with the state board that oversees the governor’s tourism district.

“Atlantic City is amazing at how it reinvents itself,” Mayor-elect Don Guardian said Wednesday in a bit of understatement to supporters and press at his Atlantic Avenue headquarters.

The 60-year-old Guardian, an Eagle Scout who came to Atlantic City from Bergen County to be an executive with the local Boy Scouts, has spent 20 years as head of the city’s Special Improvement District, a division of the Casino Reinvestment Development Authority, which oversees the state Tourism District.

Read more at http://www.philly.com/philly/news/politics/20131107_New_A_C__mayor_vows_better_relationships_with_state__casinos.html#v7d88YUJXs8ogS5u.99

Christie: ‘If I Was In The Senate Right Now, I’d Kill Myself’

English: , U.S. Attorney, Governor-elect of New Jersey (Photo credit: Wikipedia)

Gov. Christie today blamed Republicans and Democrats for the government shutdown, saying “it’s irresponsible of both sides to have allowed this to get where it’s gotten.”

Asked during an editorial board meeting with The Philadelphia Inquirer what he would do if he were in the Senate right now, his immediate response was this: “If I was in the Senate right now, I’d kill myself.”

“This is why I’ve never had any interest in being in a legislative body,” he said. (It should be noted: In the 1990s Christie was a county freeholder, which is a legislator.)

He sees the situation in Washington as a failure in leadership, and a failure to achieve compromise.

Read more at http://www.philly.com/philly/blogs/christie_chronicles/Christie-If-I-was-in-the-Senate-right-now-Id-kill-myself.html#SCuoK6yZzyy8AhU4.99

Atlantic City’s Aging Casinos, Storm Aftermath And A Glut Of Gambling Capacity Spell Trouble

English: Picture of the Tropicana from the Boardwalk. (Photo credit: Wikipedia)

ATLANTIC CITY — Can this casino resort be saved?

Over Memorial Day weekend, it was easy to see all is not well here.  Eight of the 12 casinos predate the mid-1980s — carpets are grungy, paint is chipping off the walls, and far fewer employees are working the gaming floors.

As the sun broke through after a blustery Friday and Saturday, the Sunday crowds picked up on the Boardwalk. By midafternoon, it teemed with strollers and patrons at the outdoor restaurants.

But parking was available at several casino garages, a telltale sign it was not the hoped-for blockbuster weekend.  Business volume varied among properties.

At the newer Borgata, for example, there was a waiting list in the poker room and a steady stream of traffic throughout the casino.  At the barely year-old Revel, which just emerged from bankruptcy and opened new smoking lounges Friday, the sixth-floor casino parking level was filled with cars for the first time.  At dowdy Trump Plaza, meanwhile, an older generation half-filled the intimate gaming floor, and people in their 20s and 30s packed its outdoor beach bar.

Read more: http://www.post-gazette.com/stories/business/news/atlantic-citys-aging-casinos-storm-aftermath-and-a-glut-of-gambling-capacity-spell-trouble-689842/#ixzz2UsvznxAo

C’mon Down, The Jersey Shore’s Just Fine

Atlantic Ocean shore at Atlantic City, New Jersey (Photo credit: Wikipedia)

Before we do anything, let’s address the giant elephant in the room – and we’re not talking about Lucy of Margate.

Nearly seven months ago, Sandy wrought devastation on the Jersey Shore like never before:  The largest Atlantic storm on record created more than $30 billion in damage up and down the state’s 127-mile coastline. More than 346,000 structures were damaged or destroyed when Sandy whipped across the state on Oct. 29.

Some of the places that held memories so dear for many of us – beaches, homes, boardwalks, piers, shops, amusements, and restaurants – got washed away.  We wondered whether we’d have the chance to enjoy our beloved Shore again.

Well, just as surely as the air and sand and sea will be delightfully warm again, there will be plenty to celebrate this summer.  There are still dozens of great destinations and plenty of fun at the Shore this year.

Read more at http://www.philly.com/philly/travel/shoreguide/20130517_C_mon_down__the_Shore_s_just_fine.html#DPMkWhhvuP2Zxs3V.99

In Camden, Christie Hails New Force

English: , U.S. Attorney, Governor-elect of New Jersey (Photo credit: Wikipedia)

Gov. Christie came to Camden Wednesday to hail the advent of a new county-run police force in the city as “a transformational moment for both the city of Camden and Camden County – most importantly for the people, the children, the families, and the neighborhoods that they live in.”

Christie, an early supporter of the new Camden County Police, which Wednesday replaced the nearly 184-year-old city police department, said it would lead to “better, stronger, more effective, more visible law enforcement.”

Flanked by the new department’s leadership, the governor spoke at the swearing-in ceremony for former city Police Chief Scott Thomson, the new chief of the city’s metro division, in Malandra Hall, a community center in the Fairview Village section.

Before Christie’s remarks, more than a dozen former city officers gathered outside.  Some carried signs indicating their years of service and made a symbolic line on the street with their patrolman’s boots in a neat row. One retired sergeant said the group had come to attend the ceremony but was told it was a private event.

Read more:  http://www.philly.com/philly/news/new_jersey/20130502_Camden_Council_approves_county_police_agreement.html

Jersey Shore Rentals Up, Down Due To Sandy

NEW YORK — Superstorm Sandy shifted the sands of the New Jersey shore‘s summer rental landscape, where some resort towns are suffering lasting effects of the barrage and others are, as they say, cleaning up.

Summer rentals are a backbone of the tourist season along the 127-mile stretch of coastline and barrier islands, where vacationers flock to the beaches and boardwalks that are convenient to New York and Philadelphia and more affordable than the celebrity-studded Hamptons on New York’s Long Island.

Some 59 million people visited the Jersey Shore last year, according to state figures.

In Ocean County alone, which is one of the four shore counties and boasts of 44 miles of coastline, the population typically doubles in the summer months to 1.2 million.  In some of its small towns, the population grows ten-fold in the summer, according to county statistics.

Read more:  http://www.mcall.com/news/mc-jersey-shore-sandy-summer-rentals-20130419,0,2941227.story

More New Jersey Shore Residents, Students Return

Map of New Jersey highlighting Ocean County (Photo credit: Wikipedia)

The slow process of recovery from Hurricane Sandy continues in New Jersey.

Students were reportedly back at school this morning on Long Beach Island, where residents were allowed to return Saturday and stay, if conditions permitted.

Power is back on for 99.8 percent of the 2.7 million who lost power after the Oct. 29 superstorm.  Still in the dark this morning were about 4,400 Jersey Central Power & Light customers, and only about 80 between PSE&G and Atlantic City Electric.

Traffic backed up this morning heading into Seaside Heights, in northern Ocean County, as residents were allowed to return to assess damage from Hurricane Sandy.

Read more:

http://www.philly.com/philly/news/breaking/20121112_More_Shore_residents__students_return.html

Will Jersey Shore Ever Be The Same After Sandy?

English: A view of the beach in Seaside Heights, New Jersey north of Funtown Pier (Photo credit: Wikipedia)

SEASIDE HEIGHTS, N.J. — It is one of the icons of America, the backdrop to a thousand stories — the place where Tony Soprano”s nightmares unfolded, where Nucky Thompson built his “Boardwalk Empire,” where Snooki and The Situation brought reality TV to the ocean’s edge and where Springsteen conjured a world of love and loss and cars and carnival lights and a girl named, incongruously, Sandy.

But after the storm of the same name passed through last week, the seaside towns of the Jersey Shore, a place that popular culture has picked to exude Americanness, have been upended, and some of the boardwalks have been pushed into the sea.

And those who live there, those who spent their childhood weekends there and those who experience its stories from afar are asking different versions of the same question: What happens now?

“This is just a heartbreaking experience seeing all these places we love that are just decimated,” said Jen Miller, a blogger about the Jersey Shore who lives in the Philadelphia area. “It’s just what you do every summer: You go ‘down the shore.’

Read more: http://www.mcall.com/news/local/mc-us–superstorm-jersey-shore-20121104,0,519822.story

PA-NY-NJ Picking Up After Hurricane Sandy’s Epic Devastation

The sodden, wind-blown tri-state region of New York, New Jersey and Pennsylvania began an arduous journey back to normal on Wednesday after mammoth storm Sandy killed at least 82 people in a rampage that swamped coastal cities and cut power to millions across the Northeast.

Financial markets reopened with the New York Stock Exchange running on generator power after the first weather-related two-day closure since an 1888 blizzard. Packed buses took commuters to work with New York’s subway system idle after seawater flooded its tunnels.

The U. S. Navy said it was moving ships closer to areas affected by the disaster in case they might be needed, including the helicopter carrier USS Wasp.

Sandy killed 69 people in the Caribbean as a hurricane before crashing ashore just south of Atlantic City, N.J. Monday night as Post-Tropical Cyclone Sandy, which became a rare hybrid superstorm after merging with another weather system to deliver 80 mile-per-hour winds and record storm surges.

Read more: http://www.mcall.com/news/breaking/mc-ny-nj-hurricane-sandy-update-1101-20121101,0,5611775,full.story