State lawmakers are trying to make sure Atlantic City’s casinos survive the latest economic downturn even as their gambling floors have been closed for months due to the ongoing pandemic.
A measure approved with bipartisan support by a key Senate committee on Thursday would provide the casinos with a number of different tax breaks to help ease their financial troubles during the health crisis.
The same bill—thanks to a last-minute amendment—would also make available $100 million from the federal Coronavirus Aid, Relief, and Economic Security Act to help aid small businesses, in Atlantic City and all over the state.
Supporters of the measure say it can help South Jersey avoid the type of economic turbulence that occurred in the wake of the 2007-2009 Great Recession, when several casinos went out of business, leaving thousands of workers unemployed. Pairing the casino aid with new assistance for small businesses also helps address concerns about propping up the casinos even as others in the community are suffering.
—John Reitmeyer, / June 11, 2020 / NJ Spotlight
For full story: njspotlight.com/2020/06/lawmakers-ok-tax-breaks-for-casinos-county-officials-worry-about-knock-on-effects/