SENATE PASSES BILL PACKAGE TO STABILIZE ATLANTIC CITY’S FINANCES

A package of bills that would address Atlantic City’s fiscal crisis was approved by the Senate on Thursday, sending the governor legislation that would help bring stability and predictability to the city’s finances. Sponsored by Senate President Steve Sweeney and Senator Jim Whelan, the five-bill legislative plan would address Atlantic City’s immediate financial crisis and enable the city and the casino industry to realize future economic growth. The recovery plan relies on revenue already generated within the city and uses it to be spent within the city. The plan to have casinos make payments in lieu of taxes, known as PILOT payments, will provide more certainty to the city and greater predictability to the casino industry.