Exec: Casinos Could Lose $20 Million a Day - Friday 7th of July 2006

ATLANTIC CITY, New Jersey – Atlantic City casinos could lose more than $20 million a day in revenue and cut thousands of jobs, an industry executive said on Wednesday, as a New Jersey budget impasse forced operators to halt operations.

"All 12 of the city's casinos closed on Wednesday morning after a budget impasse led Gov. Jon Corzine to shut down non-essential services July 1, furloughing most state employees.

"The casinos, which generate millions of dollars in taxes for New Jersey, must have state-employed regulators in place to operate. A state appellate court on Monday rejected a plea by casinos to stay open.

"…Corzine, who wants to raise sales tax one percentage point to 7 percent to close the state's $4.5 billion budget deficit, said on Wednesday he did not have the authority to exempt casino regulators.

"…[Chief Operating Officer Mark Juliano] said a prolonged closure could lead the company to lay off about 2,000 casino employees as well as affect its expansion plans…"

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