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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.
Silverstein Properties and Greenwood Gaming & Entertainment want to build two towers over 1.8 million square feet in midtown. It would feature a 1,000-room hotel, a 1,000-seat hall, and an eight-story casino. This is such a presumed lock that Yonkers Mayor Mike Spano recently urged the gaming commission to just OK the bid now so they could get started. There are now eight would-be bidders, and I’ve decided to open a fake sportsbook to take fake wagers on which very real bids are going to get the nod. Wynn Resorts is dropping its bid to land a casino license in New York.
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