NJ brings in former Detroit turnaround boss Orr for Atlantic City

CNBC staff with Reuters
Kevyn Orr
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New Jersey Gov. Chris Christie signed an executive order Thursday to take over troubled Atlantic City's finances, and he appointed an emergency manager to oversee the gambling resort's daily operations, reports,

The Republican governor named Kevin Lavin to head an emergency management team and named Kevyn Orr, who led Detroit out of bankruptcy, as a part-time counsel, the news site said.

"I can't wait any longer," Christie said, according to "We need more aggressive action, and that's the action I'm taking today."

Lavin is a corporate attorney who most recently worked for FTI Consulting in New York, according to the website.

Atlantic City's municipal finances have declined with the fortunes of the local casino industry, which has suffered steep losses from competition in nearby states.

Orr is a former corporate bankruptcy lawyer who Detroit through the biggest-ever U.S. municipal bankruptcy.

Caesars unit files Chapter 11
Caesars unit files Chapter 11

Atlantic City lawmakers earlier this month endorsed steep budget cuts but rejected the idea of a state-appointed emergency manager in favor of local control of the city's budget and hiring decisions.

Read MoreJudge approves Detroit bankruptcy exit plan

Four of the city's 12 casinos closed in 2014. A fifth, Trump Entertainment's Taj Mahal, narrowly averted closing but remains in bankruptcy. The operating unit of Caesars Entertainment, the owner of Bally's Atlantic City and Caesars Atlantic City, filed for bankruptcy last Thursday.

Stabilizing the city's budget has been the focus of major summits backed by Christie and leaders in the state legislature.