New Laws Give Atlantic City Casinos Financial Relief

The entertainment industry, especially casinos, has suffered as a result of the health pandemic. But it’s more than just Atlantic City casinos that have seen troubles recently. All over the globe, the land-based casino industry has taken a hit. Having said that, before this crisis, Atlantic City wasn’t in the best position as many, like Tilman Fertitta Golden Nugget’s owner, feared market saturation. But now, the situation has been so tough that one politician said that “Armageddon may becoming.” However, politicians are looking to help. They are aiming to give them some kind of relief before it gets even worse. As such, the lawmakers have been looking at a couple of bills to help the 9 NJ casinos. These might include interest-free loans and tax cuts. It seems these efforts are starting to make ground.New Laws Give Atlantic City Casinos Financial Relief

Assembly Bills

The First Assembly Bill, 4032, means that casinos can avoid paying fees based on hotel occupancy. This will be the case until the end of 2020. What’s more, it also means they can take away promotions they give customers from their gaming revenues. Meanwhile, the other Assembly Bill, 4031, will give casinos the chance to take out interest-free loans as long as they meet certain conditions. Both of these bills have received support, and the committee approved them at the beginning of June. Next, the Senate needs to give its approval to the bills. However, this seems to be very likely.

Supporting the Economy

It’s evident that it’s paramount to support the state and the economy at this time. The tourism sector of Atlantic City employs thousands of people who will need financial help. Hopefully, these new bills will help the economy to get back on track. Ideally, they are looking to create a plan rather than a bailout to help the industry. These plans have been in the pipeline for over a month. And seem to be getting a lot of support. It’s just time that will tell if and when they will finally pass the bills.