Is NJ State takeover of Atlantic City’s local government a good idea? Look at when state took over just its Convention Hall!

Local government built Convention Hall in 1929 with 1950-ac-convention-hall-inside-700x660no state help and ran it for almost 50 years.?? When there were no conventions, it was used for ice skating, sports, and entertainment.?? State complained city not attracting enough business and losing $500K per year and took over.? State borrowed $99 million to fix it for entertainment only,? $268 million dollars to build a second building for conventions only, and a fortune on politically connected public relations people to attract more business.?? Media bashed locals and said this was great idea.?? Now both buildings almost always empty.?? State loses $15 million to $20 million each year running them–30 to 40 times yearly loss when locals ran things. ? Now State is trying to sell.?? But who will buy??? Same story when state later took over Atlantic City Airport and Tourism District.? Best option now is bankruptcy to wipe out $300+ million of junk bond debt and give city fresh start.? ?? Seth 2010-ac-convention-cntr-770-513Grossman, Executive Director. ? January 23, 2016

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