Boxing Continues: Atlantic City Rescued From Bankruptcy for 150 Days
By Robert Brizel, Head Real Combat Media Boxing Correspondent
Atlantic City, NJ (May 25th, 2016)– Boxing will take place in Atlantic City this Memorial Day weekend after all. Essential services will be extended by the New Jersey State Legislature one day before the next scheduled boxing card. Cruiserweight Chuck ‘The Boxing Professor’ Mussachio, super middleweight Isiah Seldon, and cruiserweight Nick Kisner are among the featured bouts on an eight bout card at Claridge Hotel & Casino in Atlantic City, New Jersey, promoted by Debra LaManna’s Rising Promotions, scheduled for Friday evening, May 27, 2016.
A New Jersey State takeover of Atlantic City has been delayed for up to 150 days with tentative legislation which will provide at least 60 million dollars in grants and loans, so local officials can cut spending in half. Atlantic City officials must develop a five year plan to balance the Atlantic City budget and restore fiscal responsibility to the seaside town. The actual financial amount of the required fiscal cuts is not mandated, but agreements must be reached with area unions and others within reason to save money. Democratic lawmakers have reached a tentative agreement which also removes a controversial provision from the PILOT legislation which would have allowed Atlantic City casinos to opt-out of their revenue agreements if more resorts open in North Jersey. Some final details of the agreement must still be worked out in the next 24 hours.
If Atlantic City is unable to resolve its financial crisis in 150 days and winds up in bankruptcy, the state would be allowed to seize key functions now held by local officials.
A spokesman for Senate President Steven Sweeney confirmed an agreement had been reached. A spokesman for Assembly Speaker Vincent Prieto said it was understood Governor Chris Christie will sign the bills. According to Mayor Don Guardian, the state aid would allow Atlantic City, facing a 100 million dollar budget deficit this year, to remain solvent for the remainder of 2016. The official vote in the New Jersey State Assembly and Senate to allow Atlantic City more time to rescue itself will take place on Thursday, May 26, 2016.
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