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As Atlantic City continues to struggle with the economic decline and gaming companies enter bankruptcy or pull out of the market, lawmakers consider a proposal to add four small casinos to the landscape.
State Senator, James Whelan will introduce legislation to permit four boutique casinos with a minimum of 200 hotel rooms to enter the market, although many existing casino operators oppose letting newcomers into the market at discount prices.
The bill requires the smaller gambling operations to pay a higher tax rate of more than 14% to compensate for the reduced cost of development. Existing casinos are required to have a minimum of 500 rooms and pay just over 9% in taxes.
Owners would be given the option to operate only slot machines, although table games would be permitted as well.
While the measure allows for less room initially incentives are included to entice casino owners to add hotel rooms.
With the minimum of 200 rooms the venues would only be permitted 20,000 square feet of casino space, while 30,000 would be available if they expand to 500 rooms within five years. With an expansion, operators would also receive the extra 5% of taxes back. If the venues are not expanded within the five years the extra taxes would be used for infrastructure projects in Atlantic City.
“The world has changed, and Atlantic City has changed,” Whelan says. “In 1978, Atlantic City desperately needed hotel rooms and nightclubs and the amenities that go along with a first-class hotel. But where we are today, you can go to Philadelphia or Delaware or other jurisdictions where the entry fee to build is much lower.”
Many existing operators feel that lawmakers should be focused on increasing demand instead of adding supply.
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