Jitney downbeach: an experiment in public transport

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UPDATED: This story was updated August 25, 2016 to include comments from Ventnor Commissioner Lance Landgraf. To read the original piece, a roundup of live tweeting from a downbeach jitney trip, scroll down. A test-run to expand the Atlantic City jitney service downbeach to Ventnor and Margate earlier this summer was shut down after jitney drivers said there were too few passengers to make the route viable. It is possible, however, that the effort could be revived next year and Ventnor Commissioner Lance Landgraf said he would like to work with the Jitney Association to find ways to help it succeed for residents. “We would welcome it back and we would certainly sit down with them and try and make it better if we could,” Landgraf said in a phone interview.

More about: Atlantic City, Atlantic City, bus, jitney, margate, public transit, public transport, rebuilding atlantic city

A Surreality Tour of Atlantic County

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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.

More about: Atlantic City, opinion, Watchdog Journalism, accc, atlantic cape community college, Atlantic City, atlantic county, casino reinvestment development authority

Ratings agency warns Stockton over debt for AC development

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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.

More about: Atlantic City, Business, Atlantic City, debt, galloway, gateway development, south jersey industries, Stockton

Kirk Kerkorian’s fund starts selling its MGM stock

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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.  

More about: Business, Homepage Featured, Atlantic City, Borgata, Boyd Gaming, casino, kerkorian, MGM Resorts

South Jersey Industries prices stock offering at slight discount

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The gas and energy company South Jersey Industries, which last week said it would look to raise about $200 million, on Monday told regulators it would sell its new shares at $26.25 each, a slight discount to where the shares were trading last week. The company expects to raise about $204 million after expenses and if the banks selling the stock exercise their so-called ‘greenshoe’ option to buy shares, according to a filing with the Securities and Exchange Commission. The proceeds from the stock sale will be used to invest in infrastructure for the company’s South Jersey Gas utility business, as well as paying down some of its debt, according to the filing.

More about: Business, infrastructure, investment, shares, South Jersey, south jersey gas, south jersey industries, stock offering

LoBiondo supports inter-agency pain-med task force

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Frank LoBiondo, R-NJ second district, on Wednesday voted in favor of establishing an inter-agency task force to assess pain medication prescription practices. The bill, supported by representatives from both parties, will now proceed to the Senate. Opioid prescription and addiction is a huge issue in South Jersey and Route 40 hopes to follow this topic closely.

More about: Opium Wars, lawmaking, LoBiondo, opioids, pain medication, politics, prescriptions

South Jersey Gas to raise around $200 mln in share offer

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Local gas utility company, South Jersey Gas, on Tuesday told regulators it plans to sell up to 7.5 million shares–worth around $200 million based on the company’s $27.60 share price before the offer was announced. You can see the full prospectus here on the Securities and Exchange Commission’s site, along with a presentation to analysts and investors,  but here are some factoids on the regional gas provider that we gleaned from the announcement:

The company, known as South Jersey Industries and headquartered in Folsom, Atlantic County, had revenue of nearly $1 billion last year and a core profit of $157 million. South Jersey Industries operates throughout Atlantic, Cape May, Cumberland and Salem counties and also covers parts of Burlington, Camden and Gloucester counties. Most of the company’s money comes from its gas utility business, but it also operates “South Jersey Energy Solutions”, which offers HVAC and meter-reading services as well as energy generation. According to the prospectus, the company is planning to invest in this business and earn more money from it in the future.

More about: Business, economy, folsom, IAM local 76, IBEW local 1293, solar, South Jersey, south jersey gas

Atlantic City investment agency fails to publish annual report on time

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The New Jersey agency charged with investing proceeds from Atlantic City’s casino business to create jobs and otherwise benefit the South Jersey region has failed to publish its annual report by its May 1 due date. A spokeswoman for the agency, known as the Casino Reinvestment Development Authority (CRDA), said its board had not yet approved the annual report. “They are meeting again on 5/17, I’m not sure if it will be on the agenda for that meeting,” spokeswoman Karen Martin added in an email. As a government agency, the CRDA has to publish audited annual financial statements. These help taxpayers see how the agency is being run and how it is spending its money.

More about: Business, Watchdog Journalism, Atlantic City, CRDA