The mayor for Atlantic City has reportedly thrown his weight behind a proposed piece of legislation that would see his community directly receive even more tax revenues from New Jersey’s burgeoning sportsbetting industry.
According to a report from the online news domain at NJOnlineGambling.com, Marty Small (pictured) has served as the mayor for Atlantic City since 2019 and he used an official Wednesday press conference to voice his support for a measure recently floated by New Jersey State Senator Troy Singleton. The source detailed that this proposition currently before the eastern state’s Government, Wagering, Tourism and Historic Preservation Committee calls for the proceeds from an existing 1.25% gross sportsbetting revenues tax to be put towards ‘local property tax relief purposes’ for the community of some 38,000 people.
Atlantic City is home to nine Las Vegas-style resort casinos including the 2,587-room Harrah’s Resort Atlantic City property from Caesars Entertainment Corporation but has recently been struggling to bring in sufficient public revenues due to a coronavirus-related fall in visitation and a series of restrictive payment in lieu of tax (PILOT) agreements. The measure from 48-year-old Singleton would reportedly help to alleviate this state of affairs by giving the city cash that would otherwise be earmarked for the tourist-promoting Casino Reinvestment Development Authority.
New Jersey was one of the first American states to legalize online and land-based sports wagering following the 2018 revocation of the Professional and Amateur Sports Protection Act (PASPA). The jurisdiction of almost 9.3 million inhabitants has since gone on to become the country’s most lucrative bookmaking market with an impressive $194 million in taxes earned from well over $1.5 billion in aggregated revenues.
Small reportedly used the two-hour gathering to tell the press that he hopes passing Singleton’s proposal will become a priority for members of the New Jersey State Senate and New Jersey General Assembly when they take up their seats again from later in the month. The 47-year-old mayor purportedly moreover laid out progress on the ongoing demolition of the former Trump Plaza Hotel and Casino venue while disclosing that his administration hopes to break ground on a new $100 million indoor waterpark before the start of February.
A Democrat that won re-election in November, Small reportedly also used the press conference to divulge that he is now eager to talk to developers interested in helping Atlantic City to redevelop the Boardwalk plot of land that once hosted the 34-story Trump Plaza Hotel and Casino. The father-of-two politician purportedly called the 2.6-acre site ‘the best’ in the area and hopes his administration will be able to fill the empty land with facilities that could well embrace some sort of ‘family entertainment venue.’
Small reportedly declared…
“It is the best location, smack dead in the middle of the city, and it’s a tremendous development opportunity for someone. Now that we have got the building down, this administration will do all it can to assist Carl Icahn in developing that property.”