Atlantic City, New Jersey's fiscally distressed gambling hub, has hired public finance attorneys to restructure some of its $240 million of outstanding bond debt, Mayor Don Guardian said on Tuesday, Reuters reported yesterday. New Jersey law firm McManimon, Scotland & Baumann will work on reducing the city's debt load, much of which it took on to pay back casinos that won property tax appeals. City officials are meeting with the firm this week, Guardian told residents in a meeting on Tuesday. The city's fortunes have faded as gambling competition in neighboring states cut into its casino industry and eviscerated its property tax base. Under new state legislation passed in May, Atlantic City has until October to craft a recovery plan or face a possible state takeover.
