It’s no secret that in recent years, Atlantic City has been declining in prominence, and the recent pandemic-induced lockdown of the city has caused its iconic casinos some serious financial problems. However, relief is finally on the way. On Monday night, Senate lawmakers voted 28-4 to pass Senate Bill 2400, giving Atlantic City casinos some relief on their tax liabilities as well as their annual gaming fees.
The hope is that the bill will cause operators to stay open and remain in the Garden State.
What Are the Details of the Bill?
After Atlantic City casinos reopen and resume operations, they may not have to pay the 9.25% tax on Gross Gaming Revenue (GGR) that they usually pay. However, casinos that do well in the coming years may not get the full tax reduction. According to the details of the bill, if a casino’s GGR is less than 25% of the GGR in the same calendar month prior to March 1 2020, this tax will not apply. If GGR is between 25% and 49%, then 25% of the normal tax will be levied.
Operators will also be able to forego paying the $500 per slot machine fee they normally pay and will be able to deduct credits given to players to reduce tax liabilities.
New Jersey Live Dealer Gaming Here to Stay
It’s clear that Atlantic City’s land casinos are struggling, and what their fate is remains to be seen over the next couple of years. However, live dealer gaming is booming in the Garden State, and it’s safe to say that it will only grow in the coming years. As we have reported previously, market-leading Evolution Gaming operates a live gaming studio in New Jersey. It serves the ever-growing US market as more states legalize online gambling. Evolution offers live games to patrons of some of New Jersey’s most iconic casinos, including Hard Rock Hotel & Casino Atlantic City and Resorts Casino Hotel. Players can enjoy these live games online.
We also reported in May that Evolution Gaming had announced a strategic partnership with Golden Nugget, which owns several premier resorts in Atlantic City.
Big brands like 888, which is prominent in the UK, also offers New Jersey players the chance to play live casino games online. This brand has been incredibly successful in the UK market, competing with high-quality casinos like Dream Vegas Casino and Casimba, and was one of the first to enter the New Jersey live gaming market.