Atlantic City tax relief bill now in hands of State Governor
The bill aims to help casinos recover from the Covid-19 pandemic by reducing taxation on New Jersey properties.
The PILOT Bill, a piece of legislation aimed at reducing the financial burden on Atlantic City casinos, passed just before midnight on Monday and is now in the hands of the state’s governor.
Democratic Governor Phil Murphy now has a decision on his hands.
Aimed at reducing tax payments made by Atlantic City casinos during the continuing Covid-19 pandemic, the PILOT Bill makes changes to an existing law allowing nine casinos to avoid property taxes to Atlantic City, the school system, and Atlantic County.
If the bill is not passed, four of the city’s nine casinos would be in danger of closure, according to Steve Sweeney, who will soon depart his role as President of the State Senate.
This concern was emphasized when Sweeney stated: “I hope the governor signs it as quickly as possible.”
As reported previously by Gaming America, the bill would affect each property in a different way. Caesars, for example, would see payments decrease from $17.5m to $9.4m by 2025. Harrah’s payments would also reportedly fall, going from $25.6m to $17.8m. Conversely, Hard Rock would see its payments grow from $7.7m to $15.9m by 2025.
The original version of the bill was passed five years ago and has no impact on payments involving online sports betting and iGaming.
As things stand it is likely the bill will be passed, with Murphy stating the approach is “all good by me,” when questioned on the scheme.
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
