“It’s an incredible responsibility, one that I’ve lost sleep over in the last few weeks,” said Timothy Cunningham, head of New Jersey’s local finance board, according to the Associated Press. The system would be a prize for corporate water companies, such as American Water or the French corporation Suez, both of whom own systems nearby. “Clearly, there is a problem with political interference on the part of the water industry that is working against the interests of everyday people in New Jersey.”Ītlantic City’s prized Municipal Utility Authority, with a widely cited estimated worth of $100m, is likely the most valuable asset now in state hands. “Democratic control is being eroded overall, which we’ve seen in places like Flint, that disproportionately impacts low-income people and people of color, then we also know the private water industry is salivating at the idea of taking over the utility.

“It’s terrible news for Atlantic City,” said Susanna Bohme, associate research director at Corporate Accountability International. In general, water rates tend to rise after privatization. New Jersey’s unpopular governor Chris Christie, currently Trump’s transition chairman and a candidate for a job in his administration, personally brokered the deal that lead to Atlantic City’s state takeover.Ĭhristie’s advocacy of privatized water in Atlantic City fits in more broadly with calls from Trump’s economic advisers to spur private investment in public works projects, by offering $140m in tax credits to private equity holders.

Revenue at Atlantic City’s casinos fell more than 50% between 20, according to the University of Nevada Las Vegas Center for Gaming Research. Five casinos have closed since 2014, including two low-performing casinos previously owned by the president-elect. The city has been in dire financial straits since revenues to the state’s casino industry plummeted over the last 10 years.

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