casinos closed in atlantic city new jersey

It would reduce payments for some casinos, including the Borgata, while imposing higher payments onto others, including Hard Rock. It also must be approved in the state Assembly. The legislation was advanced through a Senate committee Monday, and now heads to the full Senate later this month. Without such a bill, Atlantic City's casinos could be in 'grave danger,' he warned.Ītlantic City's casino profits and revenue are up significantly this year, rebounding strongly from declines caused last year by the pandemic. 'We fully expect to pay our fair share, but we need stability moving forward,' Lupo said, adding that the proposed changes would provide that. Joe Lupo, president of the casino association and also president of Atlantic City's Hard Rock casino, said the association has been in contact with elected officials.

Above, in this May 3 photo, a woman plays a slot machine at the Hard Rock in Atlantic City, New Jersey. Outgoing state Senate President Steve Sweeney said four of Atlantic City's nine casinos are in danger of closing if the state Legislature does not pass a tax break bill that was advanced Monday through a Senate committee. The bill should be in front of the full Senate later this month.įor more reporting from the Associated Press, see below. In the past, casinos have complained about having to share revenues from these with partners such as technology platforms while paying taxes on the full amount.

The bill would also exclude internet gambling and sports betting from calculations on how much the casinos should pay.

He argued that the bill would help the casinos recover from COVID-19 pandemic losses. Sweeney said he spoke with officials from the Casino Association of New Jersey and 'they painted a very clear picture' of the financial trouble they could be in if the bill is not passed. The Associated Press reported that the bill would modify an existing law to allow casinos to make payments to Atlantic City, Atlantic County and the school system instead of property taxes. I don't want to have a situation where it's, 'I told you that place was going to close, and it closed.'' 'There are four casinos in jeopardy of closing,' Sweeney said. Sweeney, a Democrat, spoke at the state Senate's budget committee hearing Monday. New Jersey's outgoing state Senate President Steve Sweeney said that four of Atlantic City's nine casinos could close if legislators do not pass a bill providing them with property tax breaks.

Casinos closed in atlantic city new jersey