New Jersey Judge Throws Away Atlantic City Casinos Tax Break
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The New Jersey Superior Court ruled that property tax relief for Atlantic City casinos is against the state constitution.
New Jersey Judge Throws Away Atlantic City Casinos Tax Break. PILOT Amendment to the New Jersey constitution breached the constitution. Since 2016 Atlantic casinos have to pay a percentage of their revenue from gaming activities instead of property tax. The gaming industry complained about the COVID-19 pandemic. Online gambling activities were excluded from the PilOT contribution calculation.
Liberty and Prosperity 1776 NGO filed a lawsuit against the amendment. The judge Blee ruled in favor of the NGO and threw out the tax break for Atlantic City casinos. The casino industry's yearly financial results show a rise in revenue. In 2021 gross operating revenue posted by Atlantic casinos amounted to $767 million. For the second quarter of 2022, the net revenue from gambling activities was $828.8 million, which is up 14.1% on the same period last year.
