{"id":134990,"date":"2020-05-06T09:22:12","date_gmt":"2020-05-06T16:22:12","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=134990"},"modified":"2020-05-06T12:13:28","modified_gmt":"2020-05-06T19:13:28","slug":"new-jersey-casinos-could-get-restricted-tax-breaks-loans-as-covid-19-pandemic-continues","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/new-jersey-casinos-could-get-restricted-tax-breaks-loans-as-covid-19-pandemic-continues\/","title":{"rendered":"New Jersey Casinos Could Get Restricted Tax Breaks, Loans as Pandemic Continues"},"content":{"rendered":"

Atlantic City\u2019s nine casinos stand to benefit from bills that were introduced this week in the New Jersey Assembly that provide gaming businesses with limited loans and tax credits in response to the coronavirus-linked downturn.<\/p>\n

\"NJ
Steve Callender, a casino industry veteran who is also president of the Casino Association of New Jersey, has backed new gaming legislation in the state’s Assembly. (Image: The Press of Atlantic City)<\/figcaption><\/figure>\n

The state\u2019s gaming venues were shuttered on March 16. Previously, Atlantic City\u2019s casinos reported 21 straight months of gross gaming revenue (GGR) gains.<\/p>\n

Both casinos and gaming workers were hurt financially<\/a> from the closings. There are worries from industry analysts, union officials, and Atlantic City politicians.<\/p>\n

Under Assembly Bill 4031, casinos could get interest-free loans for property tax payments to Atlantic City. The money would come from the state\u2019s Property Tax Relief Fund, which gives tax breaks to lower-income residents and senior citizens, NJBIZ reported.<\/p>\n

Also, Assembly Bill 4032 would give tax breaks to gaming properties. The tax breaks could be used to \u201crehire and employ former employees,\u201d NJBIZ reported. In addition, the money could be used for marketing.<\/p>\n

The bills are sponsored by Senate President Stephen Sweeney and Assembly Majority Leader Louis Greenwald. They are both Democrats.<\/p>\n

Bills Questioned by Legislators<\/h2>\n

Not every legislator supports the bills. The Press of Atlantic City <\/em>reported that Assemblymen Vince Mazzeo, D-Northfield, and John Armato, D-Buena Vista Township, were concerned the legislation could take money away from programs needed by seniors and the needy.<\/p>\n

I\u2019m sure the casino industry — they\u2019re going to need help,\u201d Mazzeo told the Press<\/em>. \u201cBut we have some questions. If you give loans out of the Property Tax Relief Fund, what does that do to the Senior Freeze and Homestead Rebate programs, which regular folks depend on to reduce property taxes?\u201d<\/p><\/blockquote>\n

Mazzeo and Armato chief of staff Charity Jeffries added that, \u201cThe concern is not that casinos don\u2019t need a little help. But why is it coming at the expense of Atlantic City and Atlantic County taxpayers again?\u201d<\/p>\n

Casino Association of New Jersey Backs Legislation<\/h2>\n

Steve Callender, president of the Casino Association of New Jersey<\/a>\u00a0and senior vice president of eastern regional operations for Tropicana Atlantic City\u2019s parent company, Eldorado Resorts, said in an association statement he wants to see the relief bills approved by the legislature soon.<\/p>\n

\u201cThe Atlantic City economic stimulus and relief bills are critical to ensure our industry and its thousands of employees have a path forward once we are through this pandemic,\u201d Callender said in the statement.<\/p>\n

\u201cThe COVID-19 pandemic is the greatest health threat of our lifetime,\u201d Callender added. \u201cThis crisis has caused an unimaginable loss of life and devastated our state and local economy.\u201d<\/p>\n

He predicts that \u201cOnce we reopen and start to recover, we know that there is a long road ahead of us and our employees.<\/p>\n

This legislation will help stabilize this vital industry, support the safe reopening of our proprieties, and help us welcome back employees and guests as soon as New Jersey\u2019s stay-at-home order is lifted,\u201d Callender added. \u201cThis legislation will also help us resume our purchases from New Jersey vendors, as well as the tax payments that are based on casino revenue and employment.\u201d<\/p><\/blockquote>\n

He emphasized, too, how the gaming industry made significant contributions to state and local economies.<\/p>\n

\u201cUntil the recent closure of our casinos, the New Jersey casino industry directly employed over 26,000 people, hosted more than 25 million annual visitors, and in 2019, paid nearly $500 million in local, county, and state taxes,\u201d Callender said. New Jersey\u2019s casino industry\u2019s annual taxes to state and local governments is over $1 billion, and its total economic impact across the state of New Jersey is $6.45 billion, according to American Gaming Association data.<\/p>\n

\u201cWe are proud of our track record of giving back to the communities we serve,\u201d Callender said. \u201cWe are invested in our city, which is why all of our casinos have been making donations to local organizations.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Atlantic City\u2019s nine casinos stand to benefit from bills that were introduced this week in the New Jersey Assembly that provide gaming businesses with limited loans and tax credits in response to the coronavirus-linked downturn. The state\u2019s gaming venues were shuttered on March 16. Previously, Atlantic City\u2019s casinos reported 21 straight months of gross gaming […]<\/p>\n","protected":false},"author":44,"featured_media":134993,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13],"tags":[],"acf":[],"yoast_head":"\nNew Jersey Casinos Could Get Restricted Tax Breaks, Loans<\/title>\n<meta name=\"description\" content=\"Atlantic City\u2019s casinos to benefit from bills that were introduced this week in the New Jersey Assembly. 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They provide casinos with loans and tax credits.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/new-jersey-casinos-could-get-restricted-tax-breaks-loans-as-covid-19-pandemic-continues\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-06T16:22:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-06T19:13:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/Steve-Callender.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ed Silverstein\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgedsilv\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ed Silverstein\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/new-jersey-casinos-could-get-restricted-tax-breaks-loans-as-covid-19-pandemic-continues\/\",\"url\":\"https:\/\/www.casino.org\/news\/new-jersey-casinos-could-get-restricted-tax-breaks-loans-as-covid-19-pandemic-continues\/\",\"name\":\"New Jersey Casinos Could Get Restricted Tax Breaks, Loans\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/new-jersey-casinos-could-get-restricted-tax-breaks-loans-as-covid-19-pandemic-continues\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/new-jersey-casinos-could-get-restricted-tax-breaks-loans-as-covid-19-pandemic-continues\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/Steve-Callender.jpg\",\"datePublished\":\"2020-05-06T16:22:12+00:00\",\"dateModified\":\"2020-05-06T19:13:28+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/b3771b02527bcbda9af984b9b1ff098e\"},\"description\":\"Atlantic City\u2019s casinos to benefit from bills that were introduced this week in the New Jersey Assembly. 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