Casinos Win Big. Atlantic City Residents Lose, Hosed by PILOT Again.

FROM PRESS OF ATLANTIC CITY — Just when it seems the seaside resort is poised to get its fiscal house in order, an obscure provision buried within the casino PILOT law is going to deliver yet another setback.

If Atlantic City’s casinos eclipse $3 billion in total gaming revenue this year, which they are projected to do, the resort would receive about $4 million to $5 million less from the industry in 2020. That’s because of a crediting mechanism built into the 2016 legislation.

The city would lose about $14 million to $15 million in investment alternative tax funds (IATs), according to Department of Community Affairs spokesperson Lisa Ryan, but that loss would be offset by the gain of about $10 million in additional PILOT funds the city would get.

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https://www.pressofatlanticcity.com/news/local/atlantic-city-s-budget-will-suffer-if-the-casino-industry/article_1930b700-94ad-5197-8903-25f7293270b1.html

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