When New Jersey officials passed sweeping tax cuts for Atlantic City’s casinos last year, they offered broad claims but little evidence.
At issue, they said, was just how much the industry’s taxes were going to rise under the system that determines how much casinos pay in lieu of property taxes.
“We are risking four casinos closing,” said then-state Senate President Steve Sweeney, without providing specifics.
Likewise, former Judge Steven P. Perskie, an Atlantic City adviser and the former state lawmaker who authored the Casino Control Act legalizing gaming, predicted dire consequences. “The impact of the increases that would take place in 2022 would put a significant portion of the industry in extreme financial distress,” he said, citing a “comprehensive” financial analysis conducted by the state.