Atlantic County Claims Victory in Casino PILOT Law Settlement
Atlantic County Resolves Casino Tax Disputes Through Agreement
After years of legal battleground and millions spent, Atlantic County and New Jersey state finally reach a settlement regarding the alterations to the casino Payment-in-Lieu-of-Taxes (PILOT) law. Here's the lowdown on the agreement that'll bring the county approximately $59 million more than they would've received without the lawsuit.
Background
Back in 2021, our local lawmakers made changes to the PILOT law, stripping online gambling and sports betting from the calculation formula for casino payments. Atlantic County wasn't thrilled, arguing these alterations unfairly diminished their share. The county's executive, Dennis Levinson, led the charge, claiming the amendments cost 'em about $14 million.
The Showdown
Levinson described himself as 'euphoric' about this settlement, admitting that it was a tough fight. The original PILOT law, born in 2016, aimed to even out casino property tax payments, shifting the basis from traditional assessments to gross gaming revenue. The 2021 tweaks, however, lowered the total amount casinos had to fork over, hence the beef.
Preliminary chats between Levinson and Department of Community Affairs Commissioner Jacquelyn SuΓ‘rez earlier this year helped move things forward. Levinson also gave a shoutout to County Commissioner Ernest Coursey for keeping the talks on track.
The Takeaway
Levinson declared that this was a long, costly struggle for both parties. He expressed gratitude towards "past and present county commissioners and municipal officials who stood by me throughout this grueling process." state Senator Vince Polistina vouched for the resolution, suggesting it offered a more fruitful path for Atlantic County, He pointed out that the ongoing saga needed to conclude for everyone's benefit.
The Resolution
Levinson confirmed that he never considered pulling out of the case. He emphasized his commitment to his constituents and sticking to his guns despite some suggesting otherwise. With this settlement, the multi-year court fight is now over, enabling the county to refocus on local matters and future planning.
The Big Picture
According to enrichment data, the settlement consists of a one-time payment of $15 million to Atlantic County and continued quarterly payments through 2026. The resolution aims to compensate the county for financial losses due to reduced casino contributions. Additionally, it hopes to alleviate economic concerns for other municipalities affected by the reduced revenues. And that's the tea, y'all. π΅πββοΈπ·π°
- Dennis Levinson, the county's executive, expressed euphoria after the settlement, acknowledging it was a tough fight against the amendments to the casino Payment-in-Lieu-of-Taxes (PILOT) law.
- The settlement, worth approximately $59 million more than the county would've received without the lawsuit, aims to compensate Atlantic County for financial losses due to reduced casino contributions.
- The 2021 amendments to the PILOT law, which striped online gambling and sports betting from the calculation formula for casino payments, were seen as unfair by Dennis Levinson and Atlantic County, costing them around $14 million.
- With the multi-year court fight now over, Dennis Levinson can refocus on local matters and future planning, ensuring the continuation of the casino-and-gambling culture in Atlantic County while addressing economic concerns for other affected municipalities.
