Atlantic City Teeters on the Brink of Default

by Aaron Smith
CNN Money

Atlantic City, the once-celebrated gambling mecca on the Jersey Shore, is dangerously close to defaulting on its next bond payment.

The $1.8 million bond payment is due May 1, which is a Sunday, which means the city won’t have to pay until Monday, May 2.

That’s the same day that the city starts to receive its next tax payments. But that revenue won’t necessarily be enough to pay for both the bond payment and city services, according to Chris Filiciello, spokesman for Atlantic City Mayor Don Guardian.

He said the mayor still has to decide which payment he’ll make first.

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