The fate of four Atlantic City casinos rests with the state, which must pass an Aid Bill. The departing state Senate president, Democrat Steve Sweeney, warned that four of Atlantic City's nine casinos might close if the measure is not given. iGaming, New Jersey's online casino, on the other hand, is raking in close to $1.5 billion annually. Read all about it here!
The arising question however is Aid Bill and what is it? The present law would be altered to give casinos tax breaks, which would help them financially during the current coronavirus outbreak.
If the bill passes, casinos in Atlantic City would directly pay the city, county, and school system. This would replace the casino's current property taxes. A lack of legislation might force nearly half of Atlantic City's casinos to collapse.
Everyone involved in New York's casinos, including Casino Association President Joe Lupo, has endorsed these initiatives.
Hard rock Atlanta President Lupo is also pushing for financial stability for the state's casinos, which may happen if the Aid Bill passes.
The assistance bill would help Atlantic City casinos in various ways.
Casinos in Atlantic City must now divide profits from sports betting and online gambling with sportsbooks, technology platforms, and other partners. Casino executives, who already pay taxes on their firms' profits, want to implement reforms.
The amended Aid Bill excludes online gambling and sports betting revenue from tax calculations and changes the amount casinos must pay the city instead of property taxes.
The four casinos in Atlantic City that may close may be replaced by a variety of internet casinos in New Jersey.
There's a strong probability it will happen since inhabitants of the city have so many alternatives for legally running casinos. Some of the most famous online casinos allow you to play a range of games and slots, as well as a gamble on your favorite sports team.
Unknown whether the new law (Aid Bill) will be implemented later this month (December) for four Atlantic City casinos.
There is little question that New Jersey's online casino operations will see an increase in popularity, especially considering the wide range of alternatives offered.
City-based online casinos may become the preferred gaming destination for New Jersey citizens. No matter what happens to Atlantic City's four casinos, residents may always gamble in person or online at an NJ-licensed internet casino.
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