Atlantic City has so little money left that it could miss a $1.8 million bond payment due Sunday, a step that would make it the first New Jersey municipality to default on debt since the Great Depression. The Jersey Shore gambling destination has endured years of strain as a third of its casinos shut down.
But now its cash levels are low enough that bankruptcy is a possibility for the 39,000-population city, according to Mayor Don Guardian. “We’re down to a couple million dollars on any given day,” the mayor said in an interview. Once prized as a vacation destination because of its giant casinos and boardwalk, Atlantic City is in this position because of a declining economy and mounting debt. FULL REPORT