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Sep 12, 2018  

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Atlantic City casino taxes rise for third straight year

Atlantic City casino taxes rise for third straight year ATLANTIC CITY — Casino taxes and fees were up for the third consecutive reporting period, due in large part to the rise in internet gaming, according to industry experts. A recent report from the state Division of Gaming Enforcement shows the Atlantic City casino industry paid nearly $219 million in taxes and fees during the 2018 fiscal year, which ran from July 1, 2017, to June 30, 2018. In a separate report released by the same agency, the casino industry paid more than $280 million in taxes and fees in the 2017 calendar year, plus an additional $35 million in city taxes and fees. The figures represent taxes paid on total gaming and progressive slots as well as fees paid on hotel rooms and parking spaces. Since its inception in 2013, internet gaming taxes have accounted for a larger portion of total gaming taxes each year. According to the calendar-year report, internet gaming taxes accounted for $22.4 million in 2015, while last year online gambling taxes totaled $36.9 million. Competition, expansion may spell trouble for Atlantic City casinos Atlantic City is still the nation’s second-largest commercial casino market, but gaming expa… Rummy Pandit, executive director of the Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism at Stockton University, said that while gross revenue tax has remained relatively consistent over the last three calendar years — $174.7 million in 2015, $175.7 million in 2016 and $174.7 million in 2017 — the growth witnessed in the total gaming revenue tax has “therefore, come primarily from increases in the internet gross revenue tax.” “In 2015, taxes on internet gaming revenue represented 11 percent of total gaming revenue taxes and have increased incrementally year-over-year,” Pandit said. “For the six months ended June 30, 2018, internet gaming revenue taxes represented 20 percent of total gaming revenue taxes.” In New Jersey, casino slot and table game revenue is taxed at 8 percent, while internet gaming revenue is taxed at 15 percent. Sports betting, which commenced at the state’s racetracks and Atlantic City casinos in the spring, is taxed at 8.5 percent. The taxes are deposited into the Casino Revenue Fund, which finances programs for seniors and people with disabilities.

For the original version including any supplementary images or video, visit https://www.pressofatlanticcity.com/news/press/casinos_tourism/atlantic-city-casino-taxes-rise-for-third-straight-year/article_3d45fa02-7672-5ef9-b928-38a19ffedf39.html

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Twin River-Tiverton casino getting finishing touches before Sept. 1 opening

1, at 10 a.m., about 13 months after the first blast was detonated to remove copious amounts of ledge on the 51-acre site at William S. Canning Boulevard and Stafford Road. “This is when it gets exciting. You see it all come together,” said Joanna Krupp, senior project manager for the general contractor, Gilbane Construction, as she walked around the inside of the two buildings that house the 85,000-square-foot casino and 84-room, three-story hotel. Workers were training on table games, putting final coats of paint on walls, applying wall tile, stocking fast food restaurants, training in the sit-down restaurant kitchens, and setting up the pari-mutuel betting area. The slot machines are lined up in rows and all lit up, but plastic still covers the thick-cushioned chairs that sit in front of them.

For the original version including any supplementary images or video, visit http://www.providencejournal.com/news/20180824/twin-river-tiverton-casino-getting-finishing-touches-before-sept-1-opening

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