DECLINE IN ATLANTIC CITY
ATLANTIC CITY, NJ—The Trump Taj Mahal Casino Resort, and the Trump Plaza Hotel & Casino, recently filed for bankruptcy in the state of New Jersey, and both Trump and Governor Chris Christie have been of little help. Both may be too optimistic about the situation because unlike the rebound these casinos saw following a similar bankruptcy declaration in 2009, Trump Entertainment Resorts is set to cease business by the end of this month, Bloomberg reports.
Already fighting an employment decline, the closing of these two casinos will put 2,800 full-time employees out of work, reports the Huffington Post. That number will add to the total 8,300 people already jobless from casino closings in the casino district of Atlantic City.
TRUMP: No Longer Involved
Despite the two buildings displaying his name in Atlantic City, Trump is, just as he says, no longer associated with the casinos bearing his name. In fact, last month he filed a lawsuit asking for his name to be taken off of the building properties.
Trump quotes, “We just want our name taken off the building. We have the hottest hotel portfolio in the world right now. They are not operating the hotel in accordance with our very high standards.” Per a Bloomberg reporter.
Trump speaks out on his Twitter page.
In a tweet on Sept, 6, he tries to commiserate with these low-quality resorts by commenting on the absurd level of taxes they must comply with in Atlantic City. This year alone, taxes will likely see a 29% increase, according to the Wall Street Journal (WSJ).
For years Atlantic City has seen high taxes primarily due to a decrease in property value. Mayor of Atlantic City, Don Guardian, said that despite receiving 13 million in aid from the state department, the citizens were still going to see an increase of 61 cents per $100. Guardian says, “Sixty-one cents of the since-lessened 65 cent increase, is directly related to decreased property values,” reports Atlantic City Press.
CHRISTIE: Remaining Silent on Plans
In light of Atlantic City’s crisis, New Jersey Governor Chris Christie met with elected officials this past Monday to discuss the rebuilding of Atlantic City, according to Bloomberg.
Despite this seemingly positive step, Christie refused to reveal any information on the plan. While he spoke to the grave nature of unemployment, he would not comment on the state’s intentions to help fund the district, or the future of these bankrupt buildings, WSJ reported.
His administration did however, according to WSJ “renew its sports-betting push, issuing a directive allowing casinos and racetracks across the state to immediately begin sports wagering.”
Protestors gather to fight taxes.
In order to accomplish this initiative, Christie claims he will “use a loophole in federal law”, reports NJ.com. While many believe it will help stimulate economy, there could be nasty repercussions challenged from Federal Government and sports organizations, again reports NJ.com.
“We want jobs, and we want them to lower the property taxes,” said Amy Wu, 51, a dealer at Taj Mahal, in a quote by the Huffington Post. And Wu, is certainly not alone.
“Everything is on the table,” Christie explained to WSJ.