New Jersey Governor Chris Christie (R) must act on five bills intended to stabilize the finances of Atlantic City or they will become law on Monday without his signature, Bloomberg News reported yesterday. The legislation would have casinos make fixed payments instead of property taxes, divert gambling-tax revenue that’s used for redevelopment projects to debt service, shift marketing funds to the city, provide more aid to schools and protect benefits for casino workers. By establishing a revenue stream from the casinos, city officials would avoid battling them over property-tax appeals that could “significantly strain city finances, conceivably driving the city into bankruptcy,” Moody’s Investors Service said in a July report. Atlantic City closed a $101 million budget deficit this year partly by anticipating $33.5 million of revenue from casinos that now goes to redevelopment projects and marketing.
