Bill Could Save Four Atlantic City Casinos From Shuttering
New Jersey Senate President Dave Sweeney’s tax cut bill has passed a committee. It could save four Atlantic City casinos at risk of closure.
Bill S4007 could save four Atlantic City casinos from closure. It would provide a substantial tax cut to Atlantic Coast gaming establishments.
S4007 bill would amend an existing casino payment-in-lieu-of-taxes law to allow the gaming houses to make payments to Atlantic City, Atlantic County and the school system instead of paying property taxes.
Bill S4007 would give a tax break to Atlantic City casinos. It would also fix the 2022 basic PILOT payment at $110m. The bill does not amend the 15% and 13% state taxes casinos have to pay on internet gambling revenue and online sports betting revenue.
The bill passed a committee and will go before the full Senate later this year. It also needs state Assembly approval. The bill will lower payments for some casinos, including the Borgata, while imposing higher payments onto others, such as Hard Rock.
