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New Jersey Casinos May Invest Outside Atlantic City25 May 2001NEW YORK --May 25, 2001 –As reported by Reuters: "Several New Jersey cities could be boasting new hotels and retail complexes in the future due to Atlantic City casinos. "…Newark has already been mentioned as a site for investment by the Tropicana Casino and Resort and Park Place Entertainment Corp. (NYSE:PPE), owner of three Atlantic City casinos. "But other Atlantic City hotel operators are being lined up to invest in New Brunswick, Camden and possibly the Meadowlands Sports Complex in East Rutherford, said James Kennedy, executive director of the Casino Reinvestment Development Authority, the paper said. "…Casinos want to spread out beyond Atlantic City because of pending legislation that gives tax credits in exchange for development in other cities. "The bill encourages casinos to divert a minimum of $20 million of the taxes they pay to the Casino Reinvestment Development Authority. The authority collects about $50 million a year from a 1.25 percent tax on gross casino revenue, the paper said. In exchange, the casinos receive tax credits that defray the cost of their Atlantic City expansions…" |