Gov. Chris Christie's plan to help Atlantic City casinos was approved on
There will be a restructure of the the $240 million debt that is owed by Atlantic City. The Borgata is owed $160 million as part of that debt. That money is from a tax refund. New Jersey will manage the control of the city's finances for five years.
If a plan was not put into place, Atlantic City would run out of money by the end of spring time this year.
In 2014 four casinos closed. There are currently eight casinos left.
The plan by Gov. Chris Christie was approved by the city council.
Voters will be able to decide in November if gaming will be expanded outside of Atlantic City.
Return to New Jersey Casinos.