LEGISLATION TO ENCOURAGE RESIDENTIAL DEVELOPMENT IN AC ADVANCES

A measure aimed at bringing more residential home ownership to Atlantic City advanced. The bill would create the “Atlantic City Growth Tax Credit Program” to provide residential developers with a tax credit of up to 80 percent of the developer’s costs for land acquisition, capital improvements, engineering fees and architectural fees to build owner-occupied housing in…

CAESARS PREPARES TO FILE CHAPTER 11 BANKRUPTCY

The Wall Street Journal reports that Caesars Entertainment Corp.’s largest unit is preparing to file for bankruptcy protection sometime between today and next Tuesday, Jan. 20th. The company says the Chapter 11 petition should not immediately affect normal operations at it’s casino properties. Caesars indicated that the restructuring plan would transform it into a real-estate…