Atlantic City Casinos Shut Down due to NJ Budget Crisis
According to Fox News Reno, all casinos in Atlantic City, NJ have shut down due to the state budget crisis. The state of New Jersey is trying to raise sales taxes from 6% to 7% to try and eliminate a $4.5 billion budget deficit. The shutdown affects 15,000 casino employees in Atlantic City. With a payroll of $1.1 billion, the state will lose $1.3 million in tax revenue each day. The shutdown is the first of its kind in Atlantic City. It takes a brilliant politician to pass on this tax revenue.