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Harrah's: New Jersey Tax Plan Likely to Change6 February 2003ATLANTIC CITY – As reported by the Press of Atlantic City: "Harrah's Entertainment said the proposed New Jersey casino taxes likely will be changed and won't affect the company's expansion plans for now. "`There's a fair amount of discussion and compromise to be had in New Jersey and at this time we're not changing our capital spending in the Atlantic City market,' said Timothy Wilmott, chief operating officer. "`There's more to come in New Jersey and I think by June you'll see a different set of circumstances than what was currently outlined by the governor,' he said. "…`If you want to increase taxes on any industry you're going to suffer economic development consequences,' Harrah's Chief Executive Gary Loveman said. `We're trying to get the message out as forcefully as we can that it's not simply a grab every time you increase taxes on the casino industry.' "Wilmott said the comp tax would force casinos to reduce marketing incentives, especially to lower-end gamblers. "`Therefore it will have an effect on revenues and therefore revenues the state of New Jersey gets from Atlantic City,' he said…" |