At the end of September 2020, The state General Assembly voted for offering temporary financial relief for Atlantic City’s 9 casinos. They agreed to provide relief for the industry that has recently struggled due to the global health pandemic. They voted the bill through with a result of 71 to 5. All and all, when they first came up with the relief bill, it was to provide tax breaks for the casino industry. But the Senate has scaled back the length. Plus, the scope of the relief also saw several other amendments.
A Difficult Time for everyone
Lawmakers have called the pandemic’s effect in the industry “catastrophic,” even though online gambling thrives since some sports event resumed their season. Indeed, the 107-day shutdown of casinos in Atlantic City and surrounding areas have been devastating for the Garden State. It caused a loss of more than $112 million in operating losses for casinos. Furthermore, it also meant a loss of almost 50% of the industry workforce. The business closures have been an enormous setback. Not only has it reversed the constant track of improvements that the industry has seen in recent years. But it has also affected the whole region’s economy, which was still on the verge of recovering after the 2006 economic crash.
Helping the Economy
As you know, New Jersey depends on casino jobs, tourist spending, and purchases for its rejuvenation. And now that President Trump put a hold on stimulus packages until after November 3rd. The Senate must step in to help the industry that some say is the backbone of New Jersey. This new bill will mean that casinos can use these new provisions for a year to the date of casinos reopening, July 2nd, 2020. What’s more, the bill will ask that casinos make a “good faith effort” to take on as many new and former employees. These should be in line with business increases. Now, the goal is to get employment back to pre-pandemic levels. And this should mean that the local economy will recover as quickly as possible. At least, that’s the plan.