Icahn Strikes Again
If you were the owner of an enormous, empty casino in a struggling resort town filled with other large, vacant properties (including another one owned by you), and a buyer – wafted in on the wind of political change – comes along, you’d take them up on that offer, right? Probably a lot of people would dust their hands off at that point and leave, but if you’re Carl Icahn, you get down to business trying to wring every last drop out of that property that you no longer own. The Press of Atlantic City’s Christian Hetrick has this great piece looking at the Taj’s tax appeals against the city. The state’s Department of Community Affairs, now in charge of AC’s finances, says it is in negotiations. The purchase price of the Taj was not disclosed, which in finance land means it was not significant, or under $100 million. Is Icahn really just trying to squeeze more money out of the Jingoli and Morris families?
The Pine Barrens’ Sand Myrtle, by @the_pine_baron on Instagram.
Imitation Guns
Atlantic City police confiscated 62 guns from a boardwalk store owner on Monday, reports Lynda Cohen at BreakingAC.com. The guns looked and felt real and the city passed an ordinance in 2014 that outlawed the sale of toy or imitation guns. You should also read this neat story about Pleasantville officers who are trained to look for hidden compartments inside cars.
Dog Beach
Dog Beach, aka Malibu Beach Wildlife Management Area, aka that stretch along the Longport causeway before you get to the Ocean City bridge turnoff, has been saved! And, Ocean City is stepping up with a mind-boggling $23,800 a year to keep the beach clean. Bill Barlow has the story for Newsworks.
In the rest of the day’s news, Pink will play a beach concert in AC this year, the new Egg Harbor Township Walmart is looking for 300 employees, and candidates for governor have some property tax proposals. All that and more below:
Republic Bank Ready to Take on Big Banks in South Jersey–With the strategic and financial backing of chairman Vernon W. Hill II, the Center City-based bank plans to double its branch count east of the Delaware River. Philadelphia Business Journal
Atlantic City Explores Allowing Food Trucks in the City–Food trucks parked along Atlantic and Pacific avenues waiting for the lunchtime rush may sound like a dream come true for food lovers. But before that can happen, the city must develop rules and regulations as it looks to take advantage of the growing food truck industry, which is expected to total more than $2.7 billion over the next couple of years, according to a national report. Press of Atlantic City
Pleasantville School Budget Cuts Jobs, Raises Taxes–Property taxes will rise and the local school district will still have to cut about $4 million in salaries to balance the 2017-18 budget, Pleasantville school officials said Tuesday. Press of Atlantic City
South Jersey Uber Drivers Suing Atlantic City Cabs For Posing as Rideshare Drivers–A group of 240 Uber drivers in South Jersey is suing the Atlantic City Yellow Cab Co for damages, claiming its cabbies are illegitimately posing as rideshare drivers. The class-action suit, filed Tuesday in Atlantic County Superior Court by United Drivers South Jersey, claims taxi companies are permitting their drivers to sign up for Uber accounts to poach customers, a practice the Uber drivers say is forbidden and puts customers at risk. Press of Atlantic City
Atlantic City Council to Consider Privatizing Trash Collection–Atlantic City Council will consider privatizing trash collection, awarding a contract for a bike loop and amending rules regarding rolling chairs Wednesday evening. Press of Atlantic City