Atlantic City is struggling right now. In fact, the past three months have been some of the hardest this city has ever gone through. Fortunately, things may start to improve soon. The NJ Senate has just passed a comprehensive relief bill to help Atlantic City casinos.
It’s great news for residents and business owners in this area. Based on the way things are going, the casino industry here may begin operating within the next couple of weeks. Today, we’re going to look at the details of this newly-passed bill.
Governor Murphy Still Looks at July 4th Date To Reopen Casinos
New Jersey has one of the largest and most successful casino industries in the country. Since the legalization of sports betting in 2018, gambling revenue in this city has been on a steady incline. There are a huge number of world-class gambling venues here within a very small area.
As you probably already know, the casinos here were forced to close down in March. It was a devastating move for this part of New Jersey. The majority of individuals living here are tied to the gambling industry. Once it closed, money stopped flowing in.
Since March, politicians and business owners here have looked at ways to get things back on track. Everyone wants to see casinos reopen their doors. Unfortunately, New Jersey still has high rates of Covid-19 and many leaders here are worried that reopening casinos will increase these numbers even further.
In late May, Governor Phil Murphy told the media that casinos here would likely be able to reopen to the public by the Fourth of July. It was the first indication that state leaders were ready to get this industry up and running again.
The plan is still to get Atlantic City’s gambling venues reopened by July 4th. That isn’t the only thing needed to protect this city, though. This week, state officials approved a new bill that should help casinos here during these difficult times.
Here Are Some Details About the Bill to Help Atlantic City Casinos
Everyone knew that something had to be done to protect the casino companies in Atlantic City. Much like the ones in Las Vegas, some of these gambling operators have been losing an incredible amount of money every single month. Officials in Atlantic City have been discussing ways to help these companies with some of the most powerful politicians in the state.
Fortunately, the New Jersey Senate has officially approved a new relief bill to help Atlantic City casinos. This allows for new permanent and temporary tax breaks for these gambling venues. Hope is that these measures allow the casino industry here to bounce back quickly.
State Senator Chris Brown was one of the main leaders responsible for getting this bill, called S2400, passed. He’s confident that it will help residents here to keep their jobs.
“My concern has been and remains with the families who overnight found themselves unemployed and left to deal with a broken unemployment system for the last three months,” Brown said. “Working in a bipartisan manner, we took a step today toward saving 27,000 casino jobs while also assisting our small businesses so we can put our Atlantic County families back to work.”
There are several interesting things this bill allows for. First, it reduces gaming revenue taxes for the casinos here. Secondly, it eliminates hotel fees for the rest of the year. Many are also pleased to find that it allocates $100 million in federal grant money to help small businesses.
No bill is ever going to be perfect. Most politicians feel this is the best possible option to help both businesses and residents in the city, though. The next real test will be getting visitors to start visiting and gambling in Atlantic City.
More States Slowly Begin Allowing Casino Industries to Reopen
New Jersey isn’t the only state hurting due to these casino closures. In fact, every single state saw their casino industries come to a screeching halt back in March. This has resulted in an incredible amount of revenue loss across the country.
Fortunately, most states are now allowing their casinos to start operating again. Many of the biggest casino-resorts in Las Vegas reopened to the public on June 4th. Several more of the casinos here will start reopening over the next few weeks.
In some states, casinos are taking things into their own hands. California’s casinos are operated entirely by Native American tribes. Many of these tribes have begun operating their gambling venues without specific permission from state leaders. This is possible, as they sit on sovereign land.
Atlantic City should start getting back on track by Independence Day. Many analysts predict that many visitors will begin flocking here once the casinos reopen. The bill to help Atlantic City casinos should help to make this whole situation a little easier.
Anything is possible. If another major spike in cases is seen, the current plans may change once again. Make sure to stay tuned for updates.
Do you think it’s time for Atlantic City to reopen? Let us know in the comments section below.