Atlantic City Casino Tax Break Erased
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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.
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