Atlantic City’s proposed casino tax

The proposed tax assistance bill is considered to be a an act of foul by Atlantic City’s Golden Nugget casino, who claims that the legislation is very unconstitutional and gives clear proof that a stop should be put to cryonism.

Golden Nugget calls the proposed casino tax aid plan to be an act of foul play and threatens to sue in court if it is ever given a go-ahead by Christie. This casino tax aid plan is the proposed legislation which was sponsored by Sen. Jim Whelan and Senate President Stephen Sweeney, and which has provoked the ire of Golden Nugget, which is one of the smaller casinos in Atlantic City.

According to the proposed casino tax aid plan, casinos will be able to collectively make fixed payments of amounts totaling $150 million as property taxes for a duration for as long as two years. Consequently, all future payments would be tied to gaming revenues and not to property taxes.

It is this plan which has irked Golden Nugget’s ire, who has thus threatened to go to the extent of blocking the plan, and based on the words of general counsel Steven Scheinthal, just blow the entire thing up.

According to Scheinthal, who spoke to the Press of Atlantic City, it is not possible to play Robin Hood through this casino tax aid act. In fact, he says that you especially can’t play Robin Hood amongst casinos when your plan only ends up robbing from the poor casinos and giving to the rich casinos instead of doing the vice versa.

The casino states that based on the Sweeney legislation, the tax bill would end up making a huge rise from $4.7 million to $8.1 million. While Resorts Casino Hotel is expected for a hike from $4 million to $8.2 million, Caesars Entertainments Ballys will end up seeing their bill go on a hike from $8.3 million to $10.9 million.

However because of the bill, all other casinos will end up drawing the long straw on this matter. This includes the other casinos like Harrahs casino who will soon see their tax bill amass a huge drop from $31.8 million to $20.9 million while Caesars Atlantic City casino will receive a bill where there will be a drop in the tax bill from $20.9 million to $8.9 million.

Similarly, Tropicana casino is expected to see a drop in their tax bills from $22.7 million to $13.7 million and The Borgatas casino will see another drop in their tax bills from $30.9 million to $28.2 million.

While it is a fact that a state Senate committee had earlier this week approved Sweeneys legislation, Scheinthal claims that the owner of Golden Nugget casino, Tilman Feritta will definitely aim at getting a court order ready to block the legislation if and when Gov. Chris Christie ends up signing the bill into law.

On top of all this, Scheinthal also adds that their only intention is to get fair legislation. They in no way want their legislators to harm them. However he says that unfortunately, this is exactly what is going on today.