Business Report: Reducing NJ debt, Jersey City workers, selling stake in casino

Business groups want New Jersey to use some of the new federal relief funds to pay down debt

New Jersey business groups say that when using new federal relief funds, the state should prioritize getting rid of debt with high interest rates. The New Jersey Business & Industry Association also wants $500 million set aside for business grants and loans.

Work-from-home is coming to an end for Jersey City’s municipal workers. All city workers will return to their offices and work sites on May 3. A spokeswoman for the city said over the last few weeks, private-sector employers have also been asking their workers to come back to the office.

The owner of Atlantic City’s Ocean Casino Resort is selling a huge stake in the property. Luxor Capital Group, will sell as much as half of its ownership to a family that owns several Detroit sports teams and the Little Caesars pizza chain. There’s no price tag around the sale to Detroit’s Ilitch family, and regulatory approval is still needed. Luxor Capital, a New York hedge fund, took ownership of the Ocean Casino Resort in January 2019.

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