New Jersey Gov. Chris Christie Wednesday released recommendations on how the state can improve its gambling and entertainment venues that have struggled during the economic downturn, including the use of tax-exempt bonds to help complete the stalled Xanadu project.
While Atlantic City casinos account for nearly $1 billion of state and local taxes, the industry since 2007 has lost more than 25% of its gross revenue base, or $1 billion of lost revenue. This is due in part to increased and expanded gaming in other states. In addition, casino employment has fallen to 38,000 jobs from 50,000.