Christie, a water privatization proponent, has said he would “sell” the city’s assets if Atlantic City failed to meet its loan obligations, a promise that could result in a private company owning or leasing the city’s infrastructure. Instead, a harsh $73m bailout loan was signed by the city and state, which required Atlantic City to dissolve its independent water utility and hold the infrastructure as collateral for the bailout loan. However, Governor Chris Christie – now also chair of Trump’s White House transition team – refused earlier this year to allow Atlantic City to formally go bankrupt to shed or restructure debt. Casino closures over the past five years opened a cavern in Atlantic City’s budget, as property values plummeted and tax revenues plunged.
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