New York (AFP) – Lawmakers in the state of New Jersey have reached a deal to prevent the east coast gambling mecca of Atlantic City from sinking into bankruptcy.
News of the agreement at New Jersey’s Assembly Judiciary Committee was announced late Monday on Twitter by the assembly’s head and his counterpart in the state senate, both of them Democrats.
Top committee officials were not immediately available for comment.
The coastal resort, which fell on hard times owing to increased competition from other gambling centers across the United States, saw four of its 12 casinos close in 2014, contributing to a sharp fall in tax revenue.
According to the local Press of Atlantic City, the agreement is a compromise between rival plans of the two New Jersey politicians.
It is also a blow to state governor, former Republican presidential hopeful Chris Christie.
The abrasive governor, a vocal supporter of presumptive Republican nominee Donald Trump, backs takeover legislation to put the state in charge of Atlantic City to get its finances in order.
Usually quick to react to developments, Christie remained silent after the compromise was reached.
The agreement, which both chambers will need to approve, gives Atlantic City 150 days — about five months — to present a balanced budget for the next five years, starting in 2017.
The deal would also need Christie’s final approval.
Trump, who declared bankruptcy four times in connection with Atlantic City properties, pulled out of the city in 2009 but has bragged about making a lot of money in the resort.
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