New Jersey Governor Chris Christie said that he won’t step in to help Atlantic City avert a default on its May bond payment as the distressed gambling hub runs out of money and a takeover bill remains stalled in the state Assembly, Bloomberg News reported yesterday. Speaking to reporters in Atlantic City yesterday, Christie said that legislation that would let his administration control municipal operations will pass. Not so, Assembly Speaker Vincent Prieto said in a statement after the governor’s press briefing. The impasse threatens the finances of Atlantic City, a seaside casino resort of 39,000 that has been upended by the expansion of gambling in nearby states. On Tuesday, the city’s credit rating was downgraded to the level of financially distressed Puerto Rico by Moody’s Investors Service, which said that the political standstill heightens the chance of bondholder losses and default.
