2014 was a difficult year for a Atlantic City casino industry.
Four of a city’s 12 casinos close down this year, laying off around 8,000 workers.
In total, a city’s assessed skill value was roughly cut in half over the past few years, dropping from $20.5 billion in 2010 to $11.3 billion in 2014.
Falling gambling income has wreaked massacre on a city’s taxation system, causing skill taxes in a city to rise 29 percent over only this past year.
And casino execs say a increasing skill taxes are hurting their already-struggling businesses.
Out-of-state foe is also believed to be a vast contributor to the financial troubles.
“In a past decade, dozens of casinos have popped adult outward New Jersey’s borders. Casino income has plunged,” said Michelle Miller.
And president of Borgata Hotel Casino and Spa Tom Ballance told PBS, “How do we remonstrate a chairman who lives closer to Philadelphia Park or Aqueduct in New York City to deposit in another 60 or 90 mins roving and an additional $50 or $75 in gas and tolls.”
But a new year could be bringing some good news for a review city.
2015 is approaching to move lots of state support. Tax and financial packages for Atlantic City casinos are being deliberate by New Jersey legislators.
A new pilot program would have casinos compensate a skill taxation levy of $150 million for dual years instead of a stream $210 million.
And a due check would route adult to $30 million in casino taxation collections to profitable off a city’s debt instead of appropriation new growth.
One other cause that’s been mentioned by analysts and casino owners is that Atlantic City competence only have too many casinos. If that’s true, a 4 casino closures might give a remaining casinos a improved shot during success.