As we have previously stated, the Casino Association of New Jersey (CANJ) fully supports the Atlantic City Stabilization Act as introduced by Senate President Steve Sweeney and as currently pending in both the Assembly and Senate.
Without this Act, certain casinos that remain in Atlantic City are at risk. That means thousands of jobs and millions in tax revenue also remain at risk as do other businesses that rely on the casinos for their livelihood. In addition, the reallocation of CRDA and ACA funding to the City as part of the plan is essential to help stabilize the tax rate for non-casino taxpayers while the City continues to correct the size of government to reflect the current economic conditions in the region. This legislation is a critical and, in fact, the primary component to the overall plan that must be pursued by the City to stabilize revenue, reduce expenses and reverse a vicious spiral that will otherwise lead to very negative ramifications to the city, the county, the region and the state.
We again urge the legislature to adopt this legislation and Governor Christie to sign it so that Atlantic City can incorporate the stable funding created by it immediately into its recovery plan.