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Mazzeo Statement on Increased Gaming Revenue for Atlantic City and Positive Impact of 2016 PILOT Law
(TRENTON) - In response to a recent report from the Division of Gaming Enforcement showing positive growth in Atlantic City's overall gaming revenue, Assemblyman Vince Mazzeo released the following statement:
"I could not be more pleased to see tourism in Atlantic City growing and prospering with the addition of two new casinos and sports betting," said Mazzeo (D-Atlantic). "The gaming industry took in $2.9 billion in total gaming revenue in 2018, an astounding increase of 9.2% from 2017.
"As a result of legislation I co-sponsored in 2016 that established a payment-in-lieu-of-taxes (PILOT) program for casinos in Atlantic City, the city will receive an increase of $10 million in PILOT funds in 2019, bringing the annual amount up to $130 million. If the gaming industry continues to climb the revenue ladder, the amount of PILOT funds the city receives will climb along with it.
"This legislation has attracted new business and tourists to Atlantic City and set the region on a path towards stability and future success. We must continue to diversify the city's economy and bring in new attractions to continue revitalizing one of New Jersey's premier destinations. I look forward to continuing this effort to benefit working class families and tourists alike in Atlantic City."
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