New Jersey’s state government is to take control of Atlantic City’s finances in a bid to help the gambling destination avoid bankruptcy as it struggles with a structural deficit of more than $100m.

The measure was announced yesterday by New Jersey governor and presidential candidate Chris Christie, who explained that Atlantic City was suffering from the decline of its casino industry. The city once hosted twelve casinos, with this number falling to eight over the past year and resulting in the city’s property tax base declining almost 65 per cent.

Christie described this as “a challenge that no other city has endured in as short a time frame as Atlantic City did.”

Premium subscribers continue here to the full article.