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New Jersey Governor Vetoes Greater Part of Atlantic City Save Plan

New Jersey Governor Vetoes Greater Part of Atlantic City Save Plan

Nj-new jersey Gov. Chris Christie vetoed on Monday a group of proposed measures aimed at stabilizing Atlantic City’s fighting casino industry, saying that those wouldn’t normally bring ‘economic revitalization and fiscal stability’ to the town.

As opposed to signing the package of bills he previously previously been presented with, Gov. Christie proposed his version that is own of set of measures that could provide the state greater control of Atlantic City and its future.

Apparently, Senate President Stephen Sweeney had been very critical for the veto in the beginning, but issued a statement that is joint the Governor down the road Monday, saying that the matter requires all interested parties to sit back together and talk about the future of Atlantic City, known to be the only real invest nj-new jersey where casino gambling is legal.

This past year, the town saw four of its twelve gambling venues close doors amidst a casino revenue downturn that is general. With eight operating casinos, Atlantic City and state officials are well-aware that ‘a comprehensive, forward-looking plan is required’ to ensure that the town’s gambling industry become stabilized and revitalized.

A centerpiece within the PILOT that is so-called program a bill that could require all eight gambling enterprises to annually pay the total amount of $150 million to the town rather than property taxes for a amount of two years. The gambling venues would also pay $120 million for the following thirteen years. Continue reading