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What Newly Signed Tax Bill Means For Atlantic City Casinos What Newly Signed Tax Bill Means For Atlantic City Casinos
What Newly Signed Tax Bill Means For Atlantic City Casinos 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 sport…

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by Jon Craig
Business
NJ Casinos, Racetracks Score Nationwide Sports Betting Record NJ Casinos, Racetracks Score Nationwide Sports Betting Record
NJ Casinos, Racetracks Score Nationwide Sports Betting Record New Jersey sports gamblers bet a nationwide record $668 million last month, officials said. That smashed the previous one-month record of $614 million bet in Nevada in November 2019, according to the state Division of Gaming Enforcement. The Garden State's previous one-month record for sports betting was $562 million set in November 2019. August was the first full month of professional baseball this year, and gamblers also had hockey and basketball playoffs to bet on. Casinos were closed earlier this year due to coronavirus, and were capped at 25% capacity. Even so, internet gambling at r…

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by Jon Craig
Business
Atlantic City Casinos Take $200M Nosedive Amid COVID-19 Crisis Atlantic City Casinos Take $200M Nosedive Amid COVID-19 Crisis
Atlantic City Casinos Take $200M Nosedive Amid Covid-19 Crisis Coronavirus spelled bad luck for Atlantic City's casinos.  Closed by the COVID-19 epidemic on March 16, the Garden State's gambling hub took in about 69 percent less money in April 2020 than last April -- bolstered only by a more than doubling in internet betting proceeds. All totaled, casino revenue fell by nearly $200 million last month from a year ago. The silver lining was that online gambling revenues rose by nearly 120 percent year-to-year, collecting an additional $43 million. According to the state Division of Gaming Enforcement, the city's nine seaside resorts collected about…

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by Jon Craig