Atlantic City Losing Millions From Casino Tax Appeals [AUDIO]
In these tough economic times, many casinos in Atlantic City are filing tax appeals and recouping millions of dollars.
Over the past several months, three casinos have settled their appeals, collecting a combined $27 million dollars, and 7 other casinos have also filed appeals.
Roger Gros, the Publisher of Global Gaming Business Magazine, says "what the city needs to do now is actually go back in and really reevaluate the shape of the city - city services- things of that nature…they need to come up with a reasonable tax rate, but they also need to understand that there are certain city government (departments) that are bloated- there are certain employees that are on staff that aren't doing the job…they really need to go back and figure out how they're going to run the city with reduced revenue."
He says there's a certain amount of money "that is dedicated to the tourism district for law enforcement, for public services, public works- and that money obviously will have to be adjusted - but I don't see the state allowing their tourism district to get off track here, because it's just too important to the state - I think the Governor will figure out a way to maintain certainly the law enforcement services - and the public works that are devoted to that area of the city."
Gros adds "they're not going to let any fiscal problems within the city of Atlantic City to mess up the tourism district- state government will figure out how to get enough revenue in there to really do what they're looking to do."