The Greater Atlantic City Chamber recently sent letters to the Governor and the area’s state legislators expressing our support for pending legislation that would provide a framework for assisting Atlantic City with its financial issues. The package of legislation supported by the Chamber (Senate Bills S2572, S2574, S2575, S2576) provides certainty for casino operators taxes based on gross gaming revenues, redirects funds to reduce the city’s debt and provides for state funding for the Atlantic City School District.
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The Greater Atlantic City Chamber, on behalf of its 700 members and their 60,000 employees, wishes to express its support for the immediate passage of the Tax Stabilization legislation and the continuing efforts to lower cost in Atlantic City.
As we all know, the economic crisis in Atlantic City is dire. The significant reduction in value of casino assets, property, and business—caused largely by the proliferation of casino gaming in surrounding states—has severely undermined Atlantic City’s current and future fiscal stability, threatening the financial security for all of Atlantic County.
The Chamber has consistently supported efforts to stabilize Atlantic City’s business environment and to lower the cost of government. The Chamber first pointed out the need to lower cost of Atlantic City government in our 2003 Mitchell Titus Study. We again stressed the need to lower cost, offered implementation steps and identified the amount that could be saved in our 2014 Atlantic City Budget Assessment – Opportunities for Savings and Cost Reductions Report. This report has become the blueprint now being used by the city to lower cost and we are now offering support to assist with the implementation. We have appreciated Mayor Guardian’ willingness to work with the Chamber to lower cost.
Regarding stabilization, the Chamber in December 2014 supported tax stabilization legislation (Bill Numbers S2572, S2574, S2575 and S2576). This legislation now appears to be supported by the city, county and state government.
Action is needed now! Please approve the tax stabilization legislation. The Chamber will continue to work to lower the cost of government and will support new incentives to retain and develop new businesses in our marketplace.
Thank you for your consideration.
Chair, Greater Atlantic City Chamber
President, Greater Atlantic City Chamber