New Jersey lawmakers enacted casino relief measures related to the pandemic
In the East American state of New Jersey and lawmakers reportedly approved the bill earlier this week, try to help nine casinos in Atlantic City recover from the devastating financial effects of the coronavirus pandemic.
According to Thursday's report from the Associated Press News Service, the rules would exempt casinos in the seaside resort community from paying tax on the first $ $ 80 million in promotional credits, including game coupons for the next two years. The proposal, which now needs to be approved by New Jersey Governor Phil Murphy, would allegedly exempt these seats from some of the state's 8% gambling tax if their level of personal gaming revenues fell below those recorded in the comparable month prior to the pandemic. from March 436.
Consequences of the coronavirus:
Gambling-friendly facilities in Atlantic City, which includes Resorts Casino Hotel and Borgata Hotel Casino and Spa reportedly Aggregate Gross Operating Profit for 2020 reduction of 45% year on year in connection with the coronavirus pandemic. This situation was allegedly not helped by the fact that these companies only recently can they return to full power after the end of last year, a 108-day shutdown.
The Associated Press said the law states that the coronavirus pandemic has caused "catastrophic and unprecedented economic contraction "Which disrupted the economy of Atlantic City and is destined to" have a significant negative and long-lasting impact on casino employees and residents of Atlantic County ". The law allegedly further states that it is now imperative that " the state has taken steps to ensure the continued profitability of the Atlantic City region "While helping the people of the county" in solving financial and economic problems as a result of the coronavirus pandemic ”.
Although the proposed legislation is likely to be welcomed by Casinos in New Jerseywhich additionally include Bally's Atlantic City and Ocean Casino Resort properties, apparently it did not include some of the respite that came with it which appeared in its first installment at the end of last year. These supposedly included exemptions from a number of taxes and fees such as the duty on the slot machine.
The Associated Press reported that members New Jersey State Senate and New Jersey General Assembly in addition, it approved a measure on Thursday that will ask voters to approve a constitutional amendment legalizing team sports betting and events based on The Garden State. Lawmakers are likely to consider a bill soon that would allow religious and charitable groups to operate bingo and lottery games remotely along with a similar facility to enable such organizations in order to preserve and use any proceeds obtained.