The industry in Atlantic City reported roughly $767 million in gross operating profit in 2021, its best year in more than a decade. The casinos’ parent companies were also spending billions of dollars to purchase online gaming companies, acquisitions that will help assure them more revenue from online wagers, according to a Press of Atlantic City and ProPublica review of state and federal financial filings, as well as public statements by casino representatives. Atlantic City casino revenues reach 2019 levelsĪs they pushed for tax relief, gaming companies were already on the rebound from the pandemic slump, recording profits above 2019 levels. The problem? Although the casinos cried poor, business is back. And under the changes, companies will collectively pay those entities $55 million less than they otherwise would have this year - cuts that will disproportionately impact Atlantic City, the distressed capital of the state’s gaming industry. The legislation altered the formula that determines how much casinos pay the city, its school district and the county to operate. 21, one day after both chambers passed it. Fearing closures and layoffs, legislators moved quickly to deliver tax relief, few questions asked.
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