No More High Taxes for Atlantic City Casinos

Atlantic City casinos reduced its collective taxes by 30 million and make their overall savings increases to $43 million.

Gov. James E. McGreevey had lost its proposition to increase taxes on casinos from 8 percent to 10 percent. Instead, what happened was Gov. McGreevey lowered the tax to 7.5 percent. But the freebies given away by hotels to their best customers have instituted a 4.25 percent tax.

Freebie tax was a bad memory to casino management; they have eliminated this freebie tax after a few years. The income tax will expire soon too. The money collected for the casino revenue fund which was given to the disabled and the elderly will now be given into economic development projects that include new hotels and casinos.

The casino management had predicted that New Jersey residents be remembered as "disastrous results" when taxes were increased. Instead of expecting the casino to go dim, the glitter of the casino has only grown brighter.

The tax did not affect their good fortune after all; the casinos revenue has surpassed $5 billion. Many public establishments suffered from the smoking ban this year. But casinos were exempted from the smoking ban which gave them the opportunity to increase their revenue this year.