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New Jersey Casinos Lose $48 Million over Governors Closure 2006-07-09
New Jersey Governor Jon Corzine signed the budget on Saturday morning that would allow Atlantic City casinos and many state offices to re open.
One hour after the budget was signed the casinos opened with the state inspectors back patrolling the casino floors.
The closures occurred because there were many Democratic legislators who refused to accept the Democratic Governors plan to raise sales tax to 7 cents to the dollar. The stalemate came to an end after an agreement was signed that would mean the extra revenue of sales tax would go towards property tax relief.
The 12 casinos that closed were still operating over the busy 4th July holiday weekend but lost approximately $48 million dollars in revenue and New Jersey lost $4 million in taxes, in the days following.
State parks and campgrounds along with motor vehicle office were closed over the stalemate aswell.
(By Suki)

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