Comp Tax Could Be Costly to AC and NJ

The proposal by Governor James E. McGreevey would raise an estimated $33 million in taxes to offset proposed budget losses, according to the The Press. But, it could cost Atlantic City a $1 billion-plus construction project and taxes of $28.7 million on at least $358 million in revenues. That's the average for each of the existing 12 Atlantic City casinos which generated a total of $4.3 billion in revenues in 2001.
The state would also lose an additional $4.5 million in Casino Reinvestment Development Authority levies of 1.25% on a casino's gross revenues. In addition, if MGM Grand pulls out, McGreevey's proposal would cancel out at least 3,000 potential jobs and all the resulting income taxes.
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Author: Business News New Jersey
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