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New Jersey Governor to Talk About Atlantic City's Future20 May 2002ATLANTIC CITY, New Jersey -- As reported by the Press of Atlantic City: "In his first major address here as governor, James E. McGreevey will be in the crosshairs of steely-eyed casino executives opposed to his proposed sales tax on complimentary hotel rooms and meals. "McGreevey, however, is expected to give the casino industry, and Atlantic City as a whole, reasons to cheer when he speaks at the Mid-Atlantic Gaming Congress on Wednesday. "In a keynote speech during lunch, McGreevey is expected to discuss his plans to revitalize the Boardwalk, loosen gaming regulations, expand airline service, build a 1,000-space public parking garage and push for a light-rail system linking Atlantic City International Airport with the city, and other growth initiatives. "…Casino executives might be most interested to hear what McGreevey tells them, if anything, about the so-called comp tax. McGreevey, in his budget book two months ago, said "there is no logical reason for allowing a business to give away lodging without tax consequences." "Such a tax would raise $33 million annually for the state, helping to bridge a $5.3 billion budget gap, the McGreevey administration said. "Casinos give away about two-thirds of their hotel rooms and more than $200 million in meals yearly as incentives or rewards for their best gamblers. A sales tax on such giveaways, gaming executives say, would hurt profits, discourage casinos from marketing to some gamblers and discourage would-be casino developers. "…At the Gaming Congress, McGreevey's remarks will highlight what figures to be the most significant casino-industry gathering here since Oppenheimer securities held its East Coast Gaming Conference six years ago…" |