New Jersey eyes financial break for Atlantic City casinos

new jersey eyes financial break for atlantic city casinos

Sumary of New Jersey eyes financial break for Atlantic City casinos:

  • (AP) — New Jersey lawmakers are proposing financial relief for Atlantic City’s casinos to help them continue to recover from the coronavirus pandemic by exempting two of the industry’s fastest-growing revenue streams from calculations on how much the casinos should pay the city.
  • The bill, which was advanced Monday morning by a state Senate committee, is a renewal of a measure requiring the casinos to make payments in lieu of taxes to Atlantic City that was first enacted five years ago, when the city was reeling from the closure of five of its 12 casinos.
  • “The PILOT bill has actually saved Atlantic City,” said Joe Tyrell, a regional vice president with Caesars Entertainment, which owns Caesars, Harrah’s and the Tropicana in Atlantic City.
  • ”The latest version of the bill, sponsored by outgoing Senate President Steve Sweeney, would exempt internet gambling and online sports betting revenue from calculations on how much the casinos have to pay to the city, its school system, and Atlantic County.
  • The bill does not affect the significant state taxes casinos must pay on internet gambling revenue (15%) and online sports betting revenue (13%), nor the 9.25% tax on in-person casino revenue.
  • The bill still needs to be considered by the full Senate, and has not been acted on in the Assembly.
  • Troy Singleton, chair of the senate Community and Urban Affairs committee, said he has serious concerns about removing internet and sports betting revenue from the calculations on how much the casinos should pay the city and county given the rapid growth of both categories.

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