Atlantic City Casinos in Danger of Closing
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The future of four casinos in Atlantic City hangs in the balance of a decision to be made on – whether – an Aid Bill will be passed by the state. Democrat Steve Sweeney – New Jersey’s outgoing state Senate president – at a recent Senate budget committee hearing, claimed that if the bill is not passed there is a real possibility that four of the nine casinos in Atlantic City are at risk of closure. On the other hand New Jersey online casino’s online website iGaming is hitting new revenue records almost every month with the industry worth close to $1.5 billion a year.
What is the Aid Bill all about?
The Aid Bill would make alterations to a law – already in place – which would mean that casinos would be given tax breaks, which would drastically benefit them on a financial basis – in particular during the ongoing coronavirus pandemic.
If the bill was to be passed, casinos would be able to make direct payments to the city, the county, as well as the school system in Atlantic City. This would replace the current property taxes that the casinos are responsible for paying. Sweeney, who just last month lost a re-election bid, is concerned that if the changes to the bill are not made – and passed – then the closure, of nearly half of Atlantic City’s casinos, could well become a reality.
What do the casino executives think about the Aid Bill?
The proposed changes to the bill have been well and truly welcomed by those in charge of the city’s casinos – including the president of the Casino Association, Joe Lupo.
Also the president of the Hard Rock Casino in Atlantic City, Lupo, is calling for financial ‘stability’ for casinos in the state, which could become a reality if the Aid Bill was to be given the nod.
How would the Aid Bill help casinos in Atlantic City?
At present there is a requirement for casinos in Atlantic city to share their revenue – which is brought about from sports betting and online gambling – with sports books, technology platforms, as well as a number of other partners. And this is where executives – within the city’s casino industry – want to see changes made, as their businesses are already paying taxes on the full amount of revenue that their business makes.
The new Aid Bill would see changes made in this area – with revenue from online gambling and sports betting – being exempt from tax calculations, and the amount of money that casinos would be required to pay the city – instead of property taxes.
Could NJ online casinos replace the casinos in danger of closure?
With the uncertain future of the four casinos at risk of closure – in Atlantic City – could the wide-variety of online casinos, available in New Jersey, replace them?
Although unable to give a definitive yes or no, there is a real possibility of this happening with there being plenty of choice when it comes to licensed casinos for those living in the city. Those looking to play a selection of online games, slot machines or place a bet on their favourite – and preferred – sports, there are a number of top online casinos available for those looking to get their gambling fix.
With the likes of some of the top-rated online casinos – including BetMGM, Hard Rock Casino and Golden Nugget, amongst others, offering a wide-range of casino games, bonuses, as well as excellent customer service and support for its users – it could well be the case that more and more people turn to New Jersey’s online casinos.
In Conclusion
With four of Atlantic City’s casinos seeing their future hanging by a thread – and facing uncertainty as to whether or not the new legislation (Aid Bill) will be approved later this month (December) – only time will tell what the outcome will be.
One thing that is for sure, though, is that New Jersey could see an increase in the number of people turning to their offering of online casinos – especially with the wide-selection available to choose from.
And there is even a big possibility that the city’s online casinos could become the ‘go to’ place for people in New Jersey, who are looking to get their gambling fix. However, whatever the outcome is for the four casinos in Atlantic City in New Jersey – there will always be an opportunity for the people living in the city to enjoy placing a bet, whether that be in person, or by enjoying one of New Jersey’s licensed online casinos – through their phone, tablet or computer.
