ATLANTIC CITY, NJ-The continued losses sustained at Atlantic City casinos caused Moody's Investors Service to downgrade the city's credit rating to Baa2 and assign it a negative outlook.
Moody's cited the city's declining gaming revenue from casinos as well as significant losses from casino tax appeals for the downgrade, according to the Star Ledger.
The agency says it expects the city's tax base will shrink further as competition from casinos in neighboring Pennsylvania continues to lure gamblers, which will fuel new tax appeals.
Casino revenue in Atlantic City has fallen from $5.2 billion in 2006 to a little more than $3 billion in 2012. See story in the Star-Ledger.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
