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In AC taxes are up 50% in 5 years or so. 29% last year.
As the $2 billion dollar casinos get resold at $100 million.. and 5 or 6 do that... establishes new values for all casinos and wipes billions off the ratables...
how does the city maintain a 1/4 billion budget? Homeowners ready to pay $50,000 a year in taxes?
Something I never hear mentioned regarding NJ Casinos is the tax burden.
If I am a casino corporation and can afford to have 5 casinos in the US (as an example) do I run one in the south where taxes are dirt cheap, or in NJ where...
EDIT: Btw the Stockton College purchase of Showboat could completely remove the taxes from the casino... being an education facility. I would hope tho that if the school keeps a portion as an operating hotel that the hotel portion would still pay taxes
In AC taxes are up 50% in 5 years or so. 29% last year.
As the $2 billion dollar casinos get resold at $100 million.. and 5 or 6 do that... establishes new values for all casinos and wipes billions off the ratables...
how does the city maintain a 1/4 billion budget? Homeowners ready to pay $50,000 a year in taxes?
Something I never hear mentioned regarding NJ Casinos is the tax burden.
If I am a casino corporation and can afford to have 5 casinos in the US (as an example) do I run one in the south where taxes are dirt cheap, or in NJ where...
EDIT: Btw the Stockton College purchase of Showboat could completely remove the taxes from the casino... being an education facility. I would hope tho that if the school keeps a portion as an operating hotel that the hotel portion would still pay taxes
You can't compare taxes paid by, say, Harrahs in AC with Harrahs Cherokee in NC. Harrahs Cherokee is on a reservation. It's not the same thing at all.
I still believe the state is going in the wrong direction by trying to convert AC into a family friendly resort. It's blighted and unsafe, AC would NEVER succeed as a place to bring your kids.
It did once, why can't it again?
Last edited by ElijahAstin; 11-24-2014 at 06:03 PM..
It can't be a family place again because it is in competition with too many other places... Amusement parks, water parks, destination places like Ocean city, MD, or Lancaster, PA, etc..
It can't be a family place again because it is in competition with too many other places... Amusement parks, water parks, destination places like Ocean city, MD, or Lancaster, PA, etc..
That's still a non-starter. Atlantic City wasn't the only ball game in town before 1967. To clarify, I'm not saying it would be easy for AC to revitalize. In fact, I'd agree the odds are stacked against it. But simply saying, "AC is doomed to failure because reasons," doesn't cut it in my book.
Re: recent developments, I think it's very savvy of Stockton to place a campus there. AC may be rough around the edges, but considering how desolate Pomona/Galloway are, simply having things to do is a huge step up.
You can't compare taxes paid by, say, Harrahs in AC with Harrahs Cherokee in NC. Harrahs Cherokee is on a reservation. It's not the same thing at all.
thanks. Didn't think I was.
My point was specifically that NJ taxes being high are a real cost to any business.. home sales also. Enough to make a business consider where it will spend its dollars.
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