New Jersey’s tourism industry is on the rebound, according to new figures from the state. Over the summer, hotels saw increased bookings and beach tag revenues were up. Atlantic City’s casinos have seen their revenues increase too, and they’d like to hang onto more of their profits. Whether or not they can, may depend on what happens with a bill that would amend the casino payment in lieu of taxes —or PILOT — law. The bill was approved by the Senate Budget Committee on Monday.
Analysis from the Office of Legislative Services says the new PILOT will cost Atlantic City about $55 million in annual lost revenue, and an Associated Press report projected tens of millions in annual savings for the city’s individual casinos. The OLS report suggested some alternative sources of dedicated funds would offset any lost revenue from the PILOT pot, which will ultimately be somewhere between $110 million and $125 million a year. But Senator Vince Polistina says the bill shortchanges Atlantic County.
