The Pennsylvania Supreme Court on Friday gave lawmakers an additional four months, until May 26, to fix a tax on casinos' slots revenue that was struck down as unconstitutional in September.
Internet gambling helped Atlantic City's casinos post their first revenue increase in a decade. Figures released Thursday by New Jersey gambling regulators show the casinos won $2.6 billion from gamblers in 2016, an increase of 1.5 percent from a year earlier.
Pennsylvania gambling regulators have fined SugarHouse Casino $100,000 for five incidents of underage gambling involving 10 individuals last year. The $100,000 fine is among the largest levied for underage gambling by the gaming board. It is the biggest since 2011.
The New Jersey Casino Control Commission reached a rare point of agreement with Glenn Straub on Wednesday, agreeing to keep gaming enforcement investigative reports on him and his company secret while it determines whether he needs a license at all. Straub, the owner of the former Revel Casino Hotel, is continuing to fight with state authorities about whether he needs a casino license because he plans to lease gaming operations to a third party.
Carl Icahn plans to surrender the gaming license for the closed Trump Taj Mahal casino and wants to make sure that anyone who buys it cannot use it either. New Jersey gaming regulators stated that the Icahn company that owns the casino asked the Division of Gaming Enforcement for permission to surrender the license.
Lawmakers gave final approval Monday to a bill that would punish billionaire investor Carl Icahn for closing Atlantic City's Trump Taj Mahal casino. The Assembly voted 60-17, to approve a bill that would impose a five-year license suspension for anyone shutting down a casino after January, 2016. That means it would apply only to Icahn at this point, even though four other casinos had closed since 2014.
Well, it's been two years since the second license for a casino in Philadelphia was granted. Thanks to seemingly endless appeals, the second casino is not much closer to opening than it was when the license was granted. Is that a good thing?
Casino Nights Live! recently hosted a holiday corporate casino event at the Chesapeake Inn in Chesapeake City, Maryland. The event featured Craps, Blackjack, Roulette, and Texas Hold'em Poker. Guests were treated to lavish cuisine and a DJ who had them up and moving! Everyone had such a great time that they can't wait to do it all again next year.
The strike that preceded the shutdown of the Trump Taj Mahal casino helped drag Atlantic City's casino industry to a 10.6 percent decline in gross operating profits in the third quarter of this year. Even though the Taj Mahal was the only casino to post a loss for the quarter, it was big enough to bring the industry as a whole into negative territory.
New Jersey's Local Finance Board voted 5-0 on Wednesday to grant its director far-reaching governing powers over Atlantic City. The long-feared takeover vote was a worst case scenario for the city, which has been fighting a takeover threat from Governor Christie for the last year, even as it barely escaped going broke.
Voters overwhelmingly said "NO" to a proposal that would have allowed two new casinos to be built in North Jersey, possibly creating more competition for the already down and out seaside resort of Atlantic City. The new casinos would have been at least 72 miles form Atlantic City, but still could have stolen what is left of Atlantic City's northern client base.
A day after the City of Atlantic City touted a $103 million settlement of more than $150 million owed its biggest taxpayer, Borgata Hotel & casino, the casino denied there was any such deal. Borgata is still open to compromise with respect to the amount owed it, but is waiting until the state decides on Atlantic City's fate.
Mount Airy Casino Resort, which recently won a Pennsylvania Supreme Court decision declaring a local slots tax unconstitutional, does not like the discussion going on in Harrisburg. There is talk about a flat tax as a replacement for the current levy. Mount Airy has proposed a flat rate of 4 percent for the municipal portion of the so called share assessment.
It was evident at a hearing in Harrisburg recently that the Pennsylvania General Assembly will be pulled in multiple directions as it tries to fix a local tax on casinos that the Pennsylvania Supreme Court declared unconstitutional last month. Numerous lawmakers on the House Gaming Oversight Committee expressed interest at the hour-long hearing in not just making the tax constitutional - so counties and municipalities don't lose money and can meet budget deadlines - but also in tweaking the formula used to distribute the $140 million a year from the slots tax that goes to municipalities and counties.
Atlantic City's casino revenue declined by 1.5 percent in September compared with the levels of a year ago. The eight casinos that operat2015ed in September took in $226.6 million that month. There are now seven casinos, following the closing Monday of the Trump Taj Mahal. The decline would have been much worse had it not been for a continuing boost from internet gambling, which was up 35 percent in September to $16.2 million. compared with $12 million in September
Fewer people are parking at Atlantic City casinos, but more are staying at hotels in and around the city a new report finds. The report found continued declines in revenue generated by parking at casinos during the second quarter of 2016. The numbers may reflect fewer day trippers and an increase in online gambling and out-of-state competition. During the same period, there was an increase in revenue from the hotel occupancy tax at casinos and in the surrounding Atlantic County area.
On Monday, October 10th, the Taj Mahal gasped it's last breath. After a 102 day strike with the local employees union over health benefits, the Taj Mahal was locked down for the first time since opening 26 years ago. It was a sad day for Atlantic City and the 2000 plus employees of the Taj who are now out of work. There is talk that the Taj may reopen after the winter, when hopefully, the tourists will return in bigger numbers.