New Jersey has formally taken over Atlantic City, the indebted gambling town where President-elect Donald Trump left a legacy of troubled casinos. Revenue at Atlantic City’s casinos fell more than 50% between 2006 and 2015, according to the University of Nevada Las Vegas Center for Gaming Research. New Jersey’s unpopular governor Chris Christie, currently Trump’s transition chairman and a candidate for a job in his administration, personally brokered the deal that lead to Atlantic City’s state takeover. “It’s terrible news for Atlantic City,” said Susanna Bohme, associate research director at Corporate Accountability International. American Water’s tax break was worth more than double the high-stakes $72m loan that allowed New Jersey to eventually take over Atlantic City.

Source: The Guardian November 10, 2016 23:16 UTC