Based on gaming numbers experienced this year, the current PILOT would require the casinos to mutually render $165 million to the state and county next year. Under S4007 and the present gross gaming revenue (GGR) numbers with iGaming and online sports gambling excluded, that number would be slashed to $110 million.<\/p>\n
There are plenty of critics to handing casinos such a significant tax break. Sen. Vince Polistina (R-Atlantic) said the casinos made a deal with the state that already reduced their property tax responsibilities, and that deal should be upheld.<\/p>\n
\nThis is completely unfair given the promises made to Atlantic County taxpayers and the many challenges we have in this region,”<\/strong> Polistina declared.<\/p>\n<\/blockquote>\nThe original PILOT came after five casinos in Atlantic City closed between 2014 and 2016. The remaining casinos continually appealed their property tax assessments, which resulted in the state and country not receiving such payments as expected. PILOT reduced their property taxes from their assessed values but guaranteed at least $120 million annually from the casinos to the state and county.<\/p>\n","protected":false},"excerpt":{"rendered":"
Atlantic City casinos could save around $55 million by way of reduced property tax obligations that they would receive under a legislative effort in the New Jersey Trenton capital. Lame duck Senate President Stephen Sweeney (D), a longtime advocate of legislation that helps the Atlantic City gaming industry, says the state’s original payment-in-lieu-of-taxes (PILOT) program, […]<\/p>\n","protected":false},"author":25,"featured_media":194312,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,13],"tags":[],"acf":[],"yoast_head":"\n
Atlantic City Casinos Inch Closer to Reduced Property Payments<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n