Even as Atlantic City’s Steel Pier is planning to build a million observation wheel, its creditors are threatening to repossesses some of its other attractions.
The Press of Atlantic City reported that a lender filed court papers in September asking the U.S. Marshals Service to repossess millions of dollars’ worth of amusement rides from the Steel Pier. Firestone Financial says the Pier’s owners owe $1.5 million in a string of loan defaults.
Steel Pier President Anthony Catanoso told the paper that the amusement park is restructuring the debt.
“We’ve got a deal on the table now,” he said. “We’re working it out.”
The Pier is also continuing its plan to build a 200-foot observation wheel, the Press reported. Components of the ride have arrived in the United States from Italy. The $14 million attraction is being partially bankrolled by the New Jersey Casino Reinvestment Development Authority. It is scheduled to open in 2016.
