Living around here can be a surreal experience at times, so we decided to photograph a few of our favorite surreal places in the county. Do you live or visit this area? Do you drive by or live near a bizarre building or abandoned lot? Do you want to know more about it? We’d love to hear from you by email, on Twitter or Instagram – we’d be surprised if we couldn’t add more to this list and we’re up for some local research. We’re pretty sure there are some crazy stories behind these crazy places.
Stockton University will have a “weakened financial position” after issuing new debt to build a parking garage and residence hall in Atlantic City, and it may look to raise tuition fees, according to debt ratings agency Fitch Ratings. Stockton, which gained university status last year, is borrowing $70 million to pay for the Atlantic City development and $211 million to refund outstanding debt and finance $25 million in projects at its main Galloway campus. Since the University’s operating results were in the red last year in spite of healthy enrollment growth, Stockton needs to trim expenses and raise revenue – likely by making tuition “adjustments,” the ratings agency said in a statement on Wednesday. Without those changes, Stockton would not be able to borrow for any further expansion projects without risking a ratings downgrade, which would increase the cost of its borrowing and further worsen its financial position. “Stockton’s operating results have been negative since fiscal 2014,” said Fitch.
Sometime around lunch on Monday of this week, Bill Terrigino of 227 Metropolitan Avenue stood outside gardening in one of the two yards on either side of his home in the South Inlet neighborhood of Atlantic City. Close readers of this space may remember Bill as the oft-chronicled inhabitant of a charming, cedar-sided Victorian house, nearly 110 years old, that has the interesting fate of being located directly across the street from the Revel casino hotel resort, the second-tallest building in the state of New Jersey and the most notorious casino flop in the history of Atlantic City and probably of the world, which sat about 50 feet to the west of Bill’s geraniums,* humming like a spaceship that was running out of electricity. Revel’s owner, an eccentric millionaire named Glenn Straub, had set that coming Wednesday–about 48 hours in the future–as the deadline for what’s been described as a grand reopening, a “soft” opening, a “real soft” opening and a “flaccid” flop (the local press corps has some bros in it). Which made Bill’s neighborhood once again a subject of some media interest. Bill, who’d worked as a banquet waiter at the Golden Nugget back in the 80s, had lived with his family in the Inlet since the early 1990s, and had been in his house well over a decade when work began on the gargantuan Revel, and the South Inlet was turned into the biggest construction site New Jersey.
The investment company owned by Kirk Kerkorian, who died last year, has begun to sell its stake in MGM Resorts International, under the terms of Kerkorian’s will. The company, called Tracinda Corp, will sell an initial 20 million shares for about $500 million to reduce its stake in MGM Resorts, according to a filing with the U.S. Securities and Exchange Commission on Monday. Tracinda Corp held a total of about 91 million shares, equivalent to a 16 percent stake, in MGM Resorts according to a filing last June. MGM Resorts last month said it would buy out Boyd Gaming’s stake in Atlantic City’s Bogata and take sole ownership of the city’s outperforming casino.