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May 31st, 2013 at 9:04:20 PM permalink
Empty promises of course is the answer.
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May 31st, 2013 at 11:09:13 PM permalink
Quote: NokTang

Perhaps my memory is failing, but isn't it true that most northeastern cities are like this? The rich in one area and the so called "middle class" living in what we in the south consider "low income" or gettos. Maybe I should include Chicago and Detroit in this example. Big cities, lots of crime and stench in the air. Atlanta and Orlando and Tampa and Charlotte, however, have a flourishing "middle class" with nice large homes and clean air.

Altanta has a flourishing middle class? LOL That's a good one (lived there for ~2 years). Cobb county and some of Gwinnett county are close to middle class. South Fulton and Dekalb counties; straight up ghetto. Clayton county, so ghetto, I never went there. Douglas county, white trashish. North Fulton county has Roswell, Dunwoody, and Alpharetta are ~rich. Forsyth county, the county that Oprah did a show on in ~1988 because there was only one black family there at the time (less than 1% black people now). Very, very rich; wealthiest in Georgia, and the 30th richest county in the nation; I like visiting that place and Alpharetta right next to it in Fulton county. I really need to start making a six-digit salary...ugh.

I would say Chicagoland is more evenly distributed in income than Atlanta from visiting my g/f's parents there.
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June 1st, 2013 at 4:29:44 AM permalink
Quote: 100xOdds

Billions in casino revenue but little has trickled down to the community.

What "trickles down"?
A casino has a payroll, that money gets spent but with stress and strains of its own.
A casino has "outreach": Bus Companies, Printing, Cleaning,
A casino has "Charity": Local ambulances start carrying a casino donation logo.

What else? They do their buying in bulk, not in the community.

In Nevada the Gambling Industry supports the state but its a low overall tax rate whereas in other areas of the country, the politicians want to suck all the casinos dry with very high tax rates. So its less money to begin with. Oh sure there was a gigantic market to be fleeced but as Pennsylvania learned, New Yorkers don't have to go to Atlantic City to be fleeced.

It takes a long time for STATE revenue to float down to a CITY in New Jersey.
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June 1st, 2013 at 6:44:24 AM permalink
How Atlantic City Casinos contribute to the state of New Jersey (besides employment):

Quote: Casino Revenue Fund Taxes and Fees Source Report

(a) Gross Revenue Tax: The 8% percent tax on Casino Gross Revenue is deposited into the Casino Revenue Fund. Beginning August 14, 2008, Casino Licensees were permitted a deduction from Gross Revenue for Promotional Gaming Credits for purposes of calculating Taxable Gross Revenue subject to the 8% tax.

(b) Parking Fee: Effective July 1, 2006, $0.50 of each $3.00 Parking Fee goes to the Casino Revenue Fund with $2.50 to CRDA. For FY 2004 to FY 2006, $1.50 of each $3.00 was allocated to the Casino Revenue Fund. Prior to FY 2004, the Parking Fee was allocated to the CRDA. During FY2012, significant adjustments were
were made to the Parking Fee.

(c) Hotel Room Fee: Effective July 1, 2006, $2.00 of each $3.00 Hotel Room Fee goes into the Casino Revenue Fund, with a portion of the Casino Revenue Fund's allocation used to fund debt service on $93 million in CRDA Hotel Room Fee Revenue Bonds (shown pro-rata on Page 1). The remaining $1.00 is allocated to the CRDA. For FY 2004 to FY 2006, the $3.00 Hotel Room Fee was allocated to the Casino Revenue Fund. Hotel Room Fee is based on quarterly figures as of March 31, June 30, September 30 and December 31.

(d) Tax on Multi-Casino Progressive Slot Machine Revenue ("Progressive Slot Tax"): Effective July 1, 2003, slot machine companies (not casinos) that operate multi-casino progressive slot systems pay an 8% tax on revenues derived from operating progressive slot machine systems in Atlantic City that goes to the
Casino Revenue Fund.

(e) Expired Gaming-Related Obligations ("Expired Gaming Obligations"): Effective April 8, 2009, 25% of expired gaming related obligations go to the Casino Revenue Fund. Casino Licensees were billed in FY2009 and FY 2010 for 25% of expired gaming related obligations prior to the effective date (totalling 50% of expired
gaming related obligations prior to April 8, 2009).

(f) Fines: The first $600,000 of fines imposed on casinos in a fiscal year go to the General Fund for Compulsive Gambling Programs. Any amount over $600,000 goes to the Casino Revenue Fund.

(g) Forfeited Winnings: Winnings of underage gamblers or excluded persons are subject to forfeiture. Forfeitures under $100,000 are split equally between Casino Revenue Fund and Compulsive Gambling Programs. For forfeitures over $100,000, Compulsive Gambling Programs get $50,000 and the balance goes to the
Casino Revenue Fund.

(h) Tax on Casino Complimentaries ("Comp Tax"): Effective July 1, 2003, this tax raised a fixed $26 million for state fiscal years 2004 through 2006, $19.5 million for 2007, $13 million for 2008 and $6.5 million for 2009. Any overpayments were credited in the subsequent fiscal year. The tax expired at the end of FY2009.

(i) Net Income Tax: Effective on July 1, 2003. Tax is based on net income plus management fees.

In fiscal year 2012 (ending June 2012), the revenues for each of these sources to the CRF was:

(a) Gross Revenue Tax: $227,084,000
(b) Parking Fee: $3,664,000
(c) Hotel Room Fee: $5,088,000
(d) Progressive Slot Tax: $2,504,000
(e) Expired Gaming Obligations: $540,000
(g) Forfeited Winnings $46,000

The CRF is a statewide fund used for state programs such as senior, disabled, and housing programs.

The Casino Redevelopment Development Income for 2012 was $64,425,610. $15.6 million was from Sales and Luxury taxes, $25.3 million was from parking fees, $10.5 million was from hotel fees, and 8.6 million in Grant Revenue.

The CRDA is used for community and economic development projects in AC and the State. This money is used throughout the state, though the primary source of the money is AC.

Finally, in 2011, the CRDA established the Atlantic City Tourism District. With this program, they were able to target money to the AC tourist district. They contributed to the Landshark Bar and Grill, Margaritaville, 5pm Somwehere Bar, the Wave parking garage, Bass Pro Shops, Harrah's Conference Centre, Dante Hall Theatre, the Atlantic Avenue Facade Program, Texas Avenue park. As well, they have identified and demolished buildings. In addition, they've spent $48 on transportation to the South Inlet.

Additional money is being spent on "reimagining the boardwalk" - $5M on boardwalk lighting, $1M on trash cans, benches, chairs, planters, an ambassador program (who distribute visitor guides, give directions). In addition CRDA removes trash and provides daily social assistance to dozens of people living "under the Boardwalk". And it's rebuilding the boardwalk from Atlantic to Caspian. And finally, the Steel Pier.

So, they're trying, and I think the money is going to the right place after all of these years.
----- You want the truth! You can't handle the truth!
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June 1st, 2013 at 6:59:26 AM permalink
Good thread all.

Boymimbo, thanks for the detailed post. Very informative. As a long time patron of AC..I've often wondered where all those fees go. Now I know.

I think DJ had it right. AC is a bi-polar town. There is the glitz and glam of the casinos and their adjunct attractions (restaurants, clubs, shopping and the like). Which is all very nice. Then there is the rest of AC which is pretty much the equivalent of the worst part of town, in any city in America you'd care to pick.

Despite the fact that the casinos have been operating in AC for over 30 years. The overall condition of the city has improved little if any. It may actually be worse. So while it seems like the money is being put to good use now(maybe too little too late). Where was all that cash for the last 30 years?....Lining some pockets I'd guess.
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June 1st, 2013 at 7:01:53 AM permalink
Quote: boymimbo

So, they're trying, and I think the money is going to the right place after all of these years.

Too little, too late. For the 20+ years of veritable monopoly, the governments and the casino companies money grubbed without restraint. My favorite example is Trump not even vacuuming his hotel rooms daily. And now they expect even a smidgen of affection or loyalty? No way!
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June 1st, 2013 at 10:11:14 AM permalink
Trump Plaza has a semi-transparent wall in some of the elevators (never washed). It's pretty damn depressing looking out west into town, damn depressing.
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June 1st, 2013 at 12:18:49 PM permalink
It's pretty funny how the state only takes 50 cents of the parking fee, when the casinos charge up to $15 for the privilege of parking there and patronizing their establishment.

Also funny that the state only charges a $3 room fee, whereas the lowest room fee I know of in the city is $5.
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June 1st, 2013 at 12:57:32 PM permalink
I think the big question is who owns all the ghetto real estate and why isn't it developed more. You would think the property would be worth a lot being next to so many billion dollar casinos, but it's used to have gold shops and other trashy places. Is all that property really worthless, I think someone could buy a big chunk and place some nice properties around the area.
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June 1st, 2013 at 1:19:33 PM permalink
"Is all that property really worthless, I think someone could buy a big chunk and place some nice properties around the area."

In order to do that, you have to be rich. And places like New Jersey hate rich people.
Fighting BS one post at a time!

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