What Newly Signed Tax Bill Means For Atlantic City Casinos
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State legislation giving tax breaks to Atlantic City casinos was signed into law by Gov. Phil Murphy on Tuesday night.
The bill does not affect state taxes that casinos must pay on internet gambling, online sports betting revenue or in-person casino gambling. Those taxes range from 9 to 15 percent annually.
Outgoing state Senate President Stephen Sweeney, a Democrat from Gloucester who sponsored the bill, said up to four of the city’s nine casinos might close without the new legislation, NJ Advance Media reported.
But critics said the casinos have enjoyed higher revenues due to sports betting and online gaming, helping them recover from the loss of in-person gambling revenues during the COVID-19 pandemic.
The amount casinos will pay next year will be reduced by $55 million and likely between $30 million and $65 million annually through 2026, NJ.com reported, citing an analysis from the state Office of Legislative Services.
A copy of the newly-passed legislation can be read by clicking here.
