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Final Curtain

March 19 Final Curtain for A.C. Boxing? Atlantic City is Two Months from Bankruptcy

By Robert Brizel, Head Real Combat Media Boxing Correspondent

 

Atlantic City, NJ (February 27, 2016)– The song ‘My Way’ frequently sung by the late Frank Sinatra begins “And now, the end is near, for I have reached, the final curtain……” For Atlantic City, the lights of the city may soon turn completely dark.

 

The Democratic President of the New Jersey State Senate, Stephen Sweeney, has introduced legislation to give the state nearly complete control of Atlantic City’s finances, and the power to renegotiate contracts with the city police and fire departments. A similar bill was introduced in the state assembly. Atlantic City Mayor Donald Guardian said city officials had drawn up different legislation, which would direct more of the taxes collected from the casinos to the city.

 

Without a major amount of cash windfall provided to rescue it, Atlantic City will be out of money by the first of May 2016 or earlier, roughly in two months. Atlantic City would then have to ask the state’s local finance board to let it file for bankruptcy protection. At least 70 percent of Atlantic City residents are black or Hispanic. The NAACP has stated it will sue the state if bankruptcy occurs. Four of the city’s 12 casinos closed in 2014. Borgata has stopped paying property taxes because the city has not paid a 160 million dollar tax rebate due to the casino. Two years of cost cutbacks have not pulled Atlantic City back from the brink. And now, the end is near.

 

On March 19, 2016, middleweight Tommy LaManna, junior middleweight Tommy Rainone, and former world cruiserweight champion Imamu Mayfield will be featured on a nine bout card at Claridge Hotel & Casino in Atlantic City, New Jersey, promoted by Gulf Stream Group and Rising Star Promotions. Could this be the last major show in Atlantic City? Having recently covered a televised Showtime ShoBox: The Next Generation card at Boardwalk Hall in Atlantic City, the thought had not crossed my mind. With the promise of the shuttered Revel Hotel and Casino being redone by developer Glen Straub, Atlantic City could come back to life in a big way. However, how would the city and the state pay Borgata what is owed as promised? 160 million dollars? It can’t.

 

There has to be a better way. The New Jersey State Legislature must find an answer soon, temporary or otherwise. If not, the coming summer season may never happen, and the site of the legendary monopoly game may never pass ‘GO’ again.

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