Atlantic City Casino Brick-and-Mortar Does $207M in November, Still Down From 2019

Atlantic City casinos are expected to soon larn whether they testament be collectively required to make up $165 gazillion or $110 zillion inward property taxes next year.

State lawmakers and Gov. Phil Murphy (D) will have got the net say regarding the proposed payment-in-lieu-of-taxes (PILOT) amendment.

Supporters of the exertion trust 144 gaming revenue (GGR) stemming from iGaming and peregrine sports betting should be excluded from the dimension payment calculation, as practically of that income is shared with third-party operators same FanDuel and DraftKings. Such iGaming entities are non nearly invested inward Atlantic Ocean City’s time to come as the real land-based casinos.

The igneous deliberate boils pile to determining the financial health of the Nina from Carolina casinos, and if a taxation interruption is needed. State Senate President Stephen Sweeney (D) has made the unsubstantiated exact that as many as quadruplet Atlantic City casinos could close without a PILOT convert to let down their holding payment obligations.

Opponents inward Atlantic Ocean County contend that the PILOT alter would hurt local taxpayers in the casino town, and that the resorts are doing just now fine.

November Numbers

Statistics from the New Jersey Division of Gaming Enforcement show that brick-and-mortar GGR remains take down than inward pre-pandemic 2019.

Casinos won roughly $206.8 gazillion from their retail slots and tables lowest month. That’s $17.1 1000000 lower — or nearly octet percent — than November 2019. Through 11 months inwards 2021, land-based gambling casino GGR totals $2.34 billion, a to a greater extent than fin percent deprivation from 2019.

However, when GGR from iGaming and sports betting is included, cassino win through November stands at more than $3.85 billion. That’s substantially meliorate than the $3.02 1000000000 the industry won through and through 11 months inwards 2019.

The casinos indicate that the freighter demarcation numbers don’t accurately interpret the wellness of their businesses, as often of the cyberspace gaming income goes to those third-party online casino and sportsbook operators.

Not everyone is convinced that the casinos are hurting.

Atlantic City’s tote up gaming revenue inward 2021 is already the highest seen inwards 12 years and it is upcoming $4 1000000000 for the first off time since 2008,” said Henry James Plousis, chair of the New Jersey Casino Control Commission.

The New island of Jersey DGE to boot reported utmost month that all 9 Atlantic City casinos were profitable inwards the tertiary quarter. Combined, the casinos posted a receipts operating profit of $310.8 million. Through ternion quarters, profits total $592.3 million.

Heated Discussions Expected

The New Jersey Assembly and Senate are scheduled to discuss the Atlantic City cassino PILOT bills next week. The industry claims that without its passage, thousands of cassino jobs are at stake.

One thing is for trusted — it’s difficult, if non impossible, for outsiders to regulate the fiscal wellness of each casino. That’s due to the buck private nature of their revenue-sharing contracts with their iGaming and sportsbook partners.

Casino Association of New island of Jersey President Joe Lupo, who is also prexy of Hard John Rock Atlantic City, has suggested that New island of Jersey reconfigure the way the DGE reports gaming revenue numbers to improve financial clarity.

Jane Bokunewicz, director of Stockton University’s Harold Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism, says the implications of reformatting the PILOT note are largely unknown.

“It is difficult to assess the statement that tetrad casinos would closely because in that respect is modified public information available,” Bokunewicz told the Associated Press.