ATLANTIC CITY, N.J. (AP) — Atlantic City's eight surviving casinos would get a break on taxes and the city would get help making up for lost revenue under a rescue plan unveiled by two New Jersey lawmakers.
State Senate President Steve Sweeney and Sen. James Whelan said Tuesday their bill would let the casinos collectively pay $150 million in lieu of taxes for two years.
The bill would redirect an investment alternative tax to help pay off $25 million to $30 million of Atlantic City's debt a year.
The plan is designed to help casinos by reducing their annual taxes. It helps the city by giving it a predictable revenue stream without massive casino tax appeals each year that have helped drain the city's coffers.
Four casinos have closed this year. The plan is designed to prevent any more from going belly-up.