Bloomberg News

New Jersey Says March Revenue Fell on Shrinking Casino Taxes

April 16, 2012

New Jersey (STONJ1:US)’s casino tax revenue continued to drop in March as the state collected 12 percent less than a year earlier, the Treasurer said.

Collections from the largest sources of state revenue were 1.5 percent below March 2011. For the first nine months of the fiscal year that began July 1, revenue rose 3.6 percent, to almost $16.1 billion, Andrew Sidamon-Eristoff, the state’s treasurer, said in a statement.

Gambling-related revenue from Atlantic City, the second- largest U.S. casino market after Las Vegas, amounted to $18.5 million, trailing the $21.1 million collected a year earlier, and 18 percent below Governor Chris Christie’s budget target. For the first nine months of fiscal 2012, casino revenue was about 14 percent less than the same period in 2011.

“Key indicators such as employment and car sales have risen steadily during the last few few months, helping boost sales tax, income tax and other revenue,” Charles Steindel, the treasury department’s chief economist, said in the statement. “March revenues were within 2.5 percent of the revised budget after a strong February with the overall trend continuing to favor economic growth.”

Collections for March missed Christie’s budget target by $46.4 million, or 2.5 percent, according to the statement. Income taxes lagged behind projections by $35.9 million, or 6.4 percent. Sales taxes fell short by 5 percent, and corporate taxes were 3.9 percent below budget.

Revenue for the nine months ending in March fell about $46.4 million short of targets, or 0.3 percent, according to the statement. Income, sales and business taxes each were less than 1 percent below estimates in Christie’s budget.

To contact the reporter on this story: Terrence Dopp in Trenton at tdopp@bloomberg.net

To contact the editor responsible for this story: Stephen Merelman at smerelman@bloomberg.net


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus