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Casino gaming tax revenue in New Jersey was $350,897,338 in 2020. While the gross casino gaming revenue in 2020 was $2.88 billion, this was down 16.9% on the previous year due to the impact of COVID restrictions. Under US gambling laws, a 24% federal tax is payable on gambling winnings in New Jersey, as it is in all other states. In addition, New Jersey sets several other taxes for gambling winnings.
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With three bids already withdrawn, several others are on the fringes. This includes a Coney Island bid from Thor Equities, which faces a council vote Thursday, and the Manhattan bids, which are trudging through environmental reviews. On paper, it would seem difficult for Ballyโs to complete such a project even if a licence were to be awarded. The company is currently racing against the clock to construct its permanent Chicago casino by September 2026. That project, which costs significantly less ($1.7 billion), has seen multiple setbacks, including a recent work stoppage over unapproved contractors. A significant funding agreement was needed to finance the project.
A formal announcement is expected sometime soon following a greenlight from the Virginia Lottery. ยซThe Caesars team told me they were working with the Virginia Lottery to have a temporary casino at the [Schoolfield] site.ยป Caesars plans to build a temporary casino in Danville, Virginia at the future site of Caesars Virginia.