Atlantic City, N.J., emergency manager says more cuts needed

Reuters News
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Posted: Jan 15, 2016 7:00 PM

(Reuters) - Atlantic City's state appointed emergency manager released a second report on Friday, one year after being appointed to devise a fiscal rescue plan for the gambling hub.

The report by Emergency Manager Kevin Lavin, a follow-up to his initial March assessment, said additional reductions in operations, negotiated creditor settlements and revenue sources would be required to set the city on a sustainable economic path.

"While meaningful and measurable progress has been made the turnaround process needs to accelerate with a sense of urgency for the city to move from its present state of fiscal crisis to long-term stability," the report said.

(Reporting by Hilary Russ; Editing by Daniel Bases)