The State of New Jersey moved on Wednesday to take control of Atlantic City, having lost patience with the financially troubled gambling resort’s inability to pay its bills.
Over the objections of Atlantic City’s elected officials, the Local Finance Board in Trenton unanimously approved a five-year state takeover to stave off a bankruptcy filing by the city. The decision would give the head of the finance board the power to sell municipal assets, renegotiate union contracts and fire city employees.
“It’s an incredible responsibility, one that I’ve lost sleep over the last few weeks,” Timothy Cunningham, the head of the finance board, told reporters, according to The Associated Press. “I’m sure I’m going to lose sleep tonight.”