New Jersey Enjoys Record-Breaking Casino Tax Revenues

Last fiscal year, the casinos in Atlantic City chipped in a whopping $504 million in fees and taxes. The record-breaking casino tax revenues provided funds for various initiatives for vulnerable residents in the state.

In 1976, the state legislature allocated some of the tax money from casino gambling to a new fund called the Casino Revenue Fund. Its goal is to provide tax breaks, utility bill reductions, and expanded health and transportation services to qualifying senior citizens and people with disabilities.

According to a sports forum, more than $436.6 million was allotted from the fund to the Community Care Program Individual Support in the most recent state budget for 2023-24. Thanks to this program, residents in state-approved facilities will have access to vital services, such as help with home tasks and training in self-care.

Record-Breaking Casino Tax Revenues

New Jersey Enjoys Record-Breaking Casino Tax RevenuesIn addition, New Jersey Transit (NJT) received nearly $38.9 million for its Transportation Assistance Program for Seniors and People with Disabilities. Seniors and adults with disabilities rely heavily on this program because it provides county-coordinated transportation for non-emergency medical appointments, grocery shopping, and nutritional support.

Multiple casinos closed during the 2015 recession, causing the fund’s value to drop to $205.9 million. However, the fund has been rejuvenated by the reopening of casinos, the legalization of sports betting, and the expansion of online gambling. The 15 percent tax rate on internet gambling compared to 8 percent on earnings from slots and tables has dramatically increased tax revenue.

Jane Bokunewicz, director of Stockton University’s Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism, underlined the need to continue encouraging and facilitating online gambling by casinos.

According to eSports betting tutorial and news sites, local leaders have voiced worry over tax money leaving the city and South Jersey. However, Mayor Marty Small Sr’s administration is still looking for ways to increase income in Atlantic City. A $2 charge per occupied casino hotel room generates millions of dollars in cash for the city even though the city receives no direct financing from casino revenues.

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