Atlantic City, N.J., to hold emergency meeting to discuss bankruptcy

Atlantic City Mayor Don Guardian on Thursday called an emergency City Council meeting next week to discuss whether the distressed New Jersey gambling hub should file for municipal bankruptcy.

Governor Chris Christie’s veto on Tuesday of legislation that aimed to stabilize the city’s tax base and boost its cash flow left the city with “no other option but to explore bankruptcy,” Guardian said in a statement.

State lawmakers have been pushing for a full takeover of city operations, saying local officials have not done enough to cut costs. Only city officials can file for bankruptcy, but the state, which already oversees the city’s finances, must ultimately approve it.

(Reporting by Hilary Russ in New York; Editing by Dan Grebler)

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