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Atlantic City Proposes To Tax Online Operators To Help Land Casinos

Thursday January 1,2015 : PROPOSAL TO TAX NEW JERSEY ONLINE OPERATIONS TO HELP ATLANTIC CITY
 
An idea that is hardly likely to be well-received by battling online gambling operators.
 
The continuing parlous state of New Jersey's gambling enclave Atlantic City has prompted Steve Sweeney, the president of the New Jersey Senate, to make a controversial proposal in an op-ed article in the publication Philly.com.
 
Part of the proposal is to introduce an investment alternative tax - a levy of 1.25 percent on gross gaming revenues and 2.5 percent on Internet gaming revenues, which would be used to pay Atlantic City's debts, saving residents $25 million to $30 million each year.
 
Sen. Sweeney says that urgent action is required, pointing out:
 
"While Atlantic City's collective tax base was worth $20.5 billion in 2010, Mayor Don Guardian has said it's expected to sink to $9 billion next year and around $7 billion later in the decade. No other city in New Jersey has seen its total property value drop 55 percent in five years.
 
"Four Atlantic City casinos have closed, and the financial crisis has resulted in lower tax assessments for the eight that remain. The $210 million in property-tax revenue generated last year is a thing of the past.
 
"Under a payment-in-lieu-of-taxes (or PILOT) program I'm proposing, the casinos would make payments equivalent to what they would likely owe without a recovery plan. This would provide predictability by avoiding the appeals that often delay and decrease casinos' tax payments. The money would go to the city, the schools, and the county in the same proportion as current tax revenues."
 
Sen. Sweeney says his plan has the potential to help everyone involved, although he admits that it would not "...make all of the city's fiscal problems go away immediately."
 
He lists the advantages as:
 
* Stability for casino property-tax payments. The legislation would authorize payments in lieu of taxes of $150 million annually for two years and $120 million annually for three years thereafter. It would guarantee tax payments indexed to gross gaming revenues over the next 15 years;
 
* Gives certainty to all the parties involved;
 
* Redirect land and internet gambling taxes to help pay Atlantic City's debts, saving New Jersey tax payers millions every year;
 
* Redirect Atlantic City Alliance money. Funds formerly used by the alliance would also help offset the loss of property-tax revenues;
 
* Reduce municipal administrative costs;
 
* Require the gaming industry to provide worker benefits. Casinos would be required to provide a baseline health-care and retirement package for their employees.
 
The senator proposes that all of these provisions would sunset after 15 years, and after 13 years, a commission would be established to review the city's situation and determine its future needs.



Gambling News :

Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

New MPN Poker Rooms Tower Torneos - Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<

NY Rangers vs. Devils on 12/21 - When the Devils and Rangers hit the ice on Thursday (7 PM ET on MSG), so too will two of the league’s top netminders. After a slow start to the season, Henrik Lundqvist has returned to his form of old. Through 29 games, he’s posted a 2.59 goals against average, and a .920 save percentage.

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