Atlantic City Casino Tax Break Erased

Author: Live Casino Direct
 
Wild Casino

Atlantic City Casino Tax Break Erased. The bill cleared the committee and the full state Senate and Assembly late last year. It was signed into law by Gov. Phil Murphy. A state Superior Court judge wiped out the tax break. The break was designed to reduce the nine Atlantic City casinos’ collective tax burden by one-third. After the closure of four Atlantic city casinos in 2014 and another in 2016, each surviving casino sought and received a reduction in their tax bills.

Sweeney lost a November re-election bid in shocking fashion to a little-known Republican truck driver. He was long a friend of the casino industry. The state Division of Gaming Enforcement reports that the casinos collected gross revenue of $4.74 billion in 2021. But that breaks down to $2.55 billion from brick-and-mortar operations, $1.37 billion online and $0.82 billion mobile sports betting. Online casinos keep about two-thirds of that revenue.

The annual PILOT was to be $120 million when it was signed five years ago. It was amended so that if the casinos struggled, the financial obligation would be lessened. Revenue has risen to record highs.