Amidst All Its Splendor, Atlantic City May Go Under

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By Douglas A. McIntyre Updated Published
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Amidst All Its Splendor, Atlantic City May Go Under

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According to Atlantic City’s description of itself, it is one of the best places in the world to visit or live. On the other hand, Mayor Don Guardian says it won’t be able to operate in three weeks. Which one is it? The answer is that the city has been hopelessly crippled for a long time and cannot recover on its own.

In an official note on the Atlantic City website, Guardian wrote:

Atlantic City offers something for everyone. From the boardwalk to the bay, our great city has become a world-class destination and a “must see” attraction for millions of visitors annually. From fine dining and entertainment, to a wide array of shopping and, of course, casino excitement…we’re “always turned on”!

Furthermore, Atlantic City is also a great place to live with stable neighborhoods and proud citizens who truly care for their community. As Mayor, it is my goal to unite Atlantic City and make a positive difference in the lives of others. The City of Atlantic City is concerned with improving the quality of life of our citizens. We also encourage development and support a partnership between business, industry, government and community.

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In reality, Atlantic City is more like Pontiac or Flint, Mich. Too many businesses have left. The population has become poorer and poorer. The tax base has been decimated and essential services crippled. Guardian sent out an email that reflects the city’s desperation:

The target date for a shutdown is April 8. The city may receive some tax revenue on May 2 which would tide it over. That won’t manage much. The spiral is relentlessly down. The state will not give Atlantic City money, unless it can takeover the city’s operations.

Atlantic City has run out of operating funds. It will not be able to pay its police or fireman. The problems have their roots in the casinos that have been shuttered and the effects of Hurricane Sandy. The path to a state takeover started years ago. Like Flint and Pontiac, Atlantic City just would not accept that.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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