There has still been no action on a financial bailout package for Atlantic City by Governor Chris Christie.
In the meantime, officials for Atlantic County continue to battle with the plan’s proponents over how a payment in lieu of taxes plan for the city’s casinos will be divided between the city and county.
The bill lets Atlantic City’s eight casinos make payments in lieu of taxes for 15 years, which would hopefully stabilize their tax bills and the city’s revenues. The casinos would collectively pay $150 million for the first two years and $120 million annually for 13 years, assuming gambling revenue stays within certain ranges in the city.
County officials, however, are worried that the county won’t get a fair share of the tax payments.
Senate President Steve Sweeney, who authored the legislation, said it’s frustrating to see the disagreements.
“They’re all trying to position themselves to blame someone else,” Sweeney told Philly.com. “For taxes, for tax issues. … I do understand the mayors wanting to take a position because it’s not an enviable position. I do understand where they’re at, but how do you expect Atlantic City to pay more than their share going forward when they’re the most financially challenged?”
Meanwhile, the Casino Association of New Jersey has urged quick action on the measure saying that the uncertainty could lead to more casino closures in the city.
Christie has not commented on the bill, except to say that he wants any legislation to fit in with recommendations from the state-appointed emergency manager for the city.
Christie appointed the manager to study the city’s finances in January—at a cost so far of $1.7 million according to Reuters—but no clear report on the city’s finances has been issued.
