News from |
John Amodeo and Vince Polistina |
New Jersey General Assembly, District
2 |
FOR IMMEDIATE
RELEASE Contact: John Amodeo or Vince
Polistina at 609-677-8266
March 4, 2009
AMODEO AND POLISTINA PLAN TO RECHARGE CASINO
INDUSTRY AND REGION
NORTHFIELD – In the absence of federal
and state stimulus for the casino industry,
Assemblymen John Amodeo and Vince Polistina are
proposing their own plan to support existing hotel
and casinos, expedite the completion of planned
hotel and casinos, and promote job creation for the
Atlantic City region.
“The casino industry is the number one
industry in the state, and Trenton has failed to
live up to its responsibility to make sure that
Atlantic City generates jobs and the revenue to
support programs for our senior citizens and the
disabled,” said Polistina. “Our plan can lead the
industry out of the economic downturn and cement
Atlantic City’s position as world class destination
resort.”
“We are going to help the industry by
investing more money into bricks and mortar
infrastructure projects that will directly support
the industry and increase economic activity for the
whole state. We are going to put more money into
advertising so we can promote Atlantic City the way
a world class destination ought to be promoted. We
are going to reassure investors that Atlantic City
is a solid bet. And finally, we are going to extend
a lifeline to the senior citizens and disabled who
depend on the services funded through the Casino
Revenue Fund,” said Amodeo.
The
assemblymen’s four-point legislative package
proposes to:
·
Provide for a five year
abatement on the alternative investment tax (AIT)
for all properties not yet licensed;
·
Change the formulas used
to fund projects in order to ensure that more money
is spent in the areas affected by the growth of the
casino industry. The revised formula would provide
for 30 percent of the AIT to be spent in Atlantic
City, 30 percent in Atlantic County, 30 percent in
South Jersey and 10 percent in North Jersey
·
Allow for up to half of
the money dedicated to Atlantic City to spent for
marketing purposes in conjunction with the Atlantic
City Convention and Visitors Authority; and
·
Dedicate 0.25% of AIT to
the Casino Revenue Fund in order to replace $10 -
$15 million in funding for senior and disabled
programs lost to declining casino revenues.
“It is not enough for Trenton to say Atlantic City
is important to the entire state. We need action to
back up those words,” said Polistina. “Our plan
meets the competition from other states head on by
providing the advertising to steer visitors our
way. Our plan also provides the funding to create
the amenities visitors expect when the come to a
resort destination. Our plan gives hope to existing
casinos and can keep projects, like Revel, alive.
Our plan will produce results.”
Before the economic downturn, the casino industry
employed 41,000 people directly and 21,000
indirectly. Atlantic City casinos purchased $2.2
billion worth of goods and services from New Jersey
businesses throughout the state and paid over $400
million a year to support medical assistance for
seniors and the disabled.
“Research shows that for every two jobs created in
Atlantic City, one is created elsewhere in the
state,” said Amodeo. “When Atlantic City does
well, the entire state does well. There is no other
industry in New Jersey that can pull the entire the
state out of the recession. Only the casino
industry can do that.”
In conjunction with this legislative package, Amodeo
and Polistina renewed their insistence that the
Governor issue an executive order declaring that
Casino Control Commission employees be deemed
‘essential’ so that there are no doubts about
whether the casinos will be able to remain open in
the event of a budget stalemate.