A plan to financially stabilize Atlantic City’s eight casinos and the city’s coffers took its first step forward Monday in the New Jersey Legislature.
The plan approved by a state senate committee aims to let the casinos know how much they will have to pay each year in lieu of property taxes, and lets the city know how much revenue it can expect from the gambling halls.
It now goes to the full Senate.
The casinos would pay $150 million for the first two years, and $120 million annually for 13 years, assuming gambling revenue stays within certain ranges. The casinos’ real estate tax bill for this year was $210 million.
Other measures would increase school aid to Atlantic City, and redirect an investment tax to help pay down the city’s debt.
Four of the 12 casinos have closed this year.