Atlantic City’s total revenue continues to decline. Recreational polayer focused casinos in Pennylvania is outcompeting the low-taxed 8% Atlantic City. Gamblers in the New york area prefer convinience even though paying a 55% tax.
Atlantic City’s 11 casinos pay an 8 percent tax, generating $247 million per year. Andrew Zarnett, a gaming analyst at Deutsche Bank Securities in New York, said two casinos at the Meadowlands could bring in as much as $500 million of tax revenue a year and “stop some of the bleeding.”
New Jersey Governor Chris Christie remains focused on Atlantic City and will block any competitors within the state.