The first version of the bill was passed five years ago when Atlantic City was reeling from the closure of five of its 12 casinos.Įasily able back then to show that their businesses were worth less in a declining market, the casinos successfully appealed their property tax assessments year after year, helping to blow huge holes in Atlantic City’s budget. It would reduce payments for some casinos, including the Borgata, while imposing higher payments onto others, including Hard Rock. It also must be approved in the state Assembly. The legislation was advanced through a Senate committee Monday, and now heads to the full Senate later this month. That is a big reason why the bill would exempt sports betting and internet gambling - two of the industry’s fastest-growing revenue streams - from calculations on how much the casinos should pay the city in lieu of property taxes. But casino executives have long complained that revenue from sports betting and internet gambling must be shared with technology platforms, sports books and other partners - even though the casinos are paying taxes on the full amount.

Without such a bill, Atlantic City's casinos could be in “grave danger,” he warned.Ītlantic City's casino profits and revenue are up significantly this year, rebounding strongly from declines caused last year by the pandemic. “We fully expect to pay our fair share, but we need stability moving forward,” Lupo said, adding that the proposed changes would provide that.

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Atlantic city closed casinos list