Casino tax revenues are predicted to almost double in Gov. Chris Christie’s FY2014 budget, growing from $235.4 million to $435.8 million — which would make it the highest year for casino tax receipts since before 2008.
How can Christie make such an optimistic claim? Internet gaming. On Tuesday, Christie signed a revised version of an Internet gambling bill that would allow Atlantic City casinos to operate online games in restricted areas. Revenues from online gambling would be taxed like other casino revenues.
The Christie administration is estimating that the state will garner about $180 million in new tax revenue from online gambling. It is also touting new marketing efforts by Atlantic City to turn around the fortunes of the beleaguered gambling resort. Casino revenues have steadily declined in the past five years due to increased competition.