Business Report: Gas tax to decrease, casino profits are up, new-home sales rise

Drivers in New Jersey will pay less at the pump starting Oct. 1

Drivers in New Jersey, who currently are experiencing pain at the pump, are about to get a break: The gas tax rate is going down. Starting Oct. 1, the rate will decrease by 8.3 cents a gallon, according to the State Treasury Department, to 42.4 cents a gallon. The change means the state’s gas tax will drop from the fourth-highest among the states to ninth, according to the American Petroleum Institute.

Nearly all Atlantic City’s casinos were profitable in the second quarter of this year as business rebounded from the pandemic-related closures. But occupancy rates at the hotels were down compared to pre-pandemic levels. Jane Bokunewicz of Stockton’s Light Institute says a labor shortage could be to blame for that. She says staffing levels remain below what they were before the pandemic. The latest figures from the New Jersey Division of Gaming Enforcement show the casinos posted gross operating profit of $185 million in April, May and June — among the highest in recent years. Bally’s was the only casino to post a loss in the second quarter.

One day after we learned that pre-owned home sales continued to rise in July, we find out that sales of newly constructed single-family homes also rose last month, reversing three straight months of declines.

We’re in this together
For a better-informed future. Support our nonprofit newsroom.
Donate to NJ Spotlight