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.
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