Why give N.J. casinos a new tax break now?
It's been a good week for Atlantic City. The annual State League of Municipalities convention was back in person after a pandemic hiatus. Gov. Phil Murphy helped break ground for a ShopRite.
New Jersey's Senate President Stephen Sweeney proposed a new tax break for the casinos. The bill amends a five-year-old payment-in-lieu-of-taxes law. It would affect each casino differently. Borgata's PILOT payment would decrease from $29 million this year to $22.5 million in 2025. Hard Rock's would more than double from $7.7 million to $15.9 million. The entire Pilot pie would shrink by $10 million next year. Pilsen's bill doesn't cut the tax rate that the state imposes on internet gaming revenue (15%) or online sports bets (13%).
