The regardless of skepticism from lawmaker and financial plan experts, the state treasurer is rank following his approximation that Internet gambling can net Atlantic City casinos $1.2 billion for the duration of its first year of action.
The treasurer Andrew Sidamon-Eristoff held Wednesday in a letter send to governmental financial plan chief David Rosen that the estimate were base on a report from a Wells Fargo analyst who likely New Jersey’s Internet making a bet potential could grow to $1.5 billion over the next five years.
By the side of a 15 percent tax rate, this would yield $225 million in profits to the state, Sidamon-Eristoff said in the letter and he has told lawmaker that he estimate Internet gambling revenues to reach $1.2 billion and answer in $180 million in tax revenues at some stage in the first fiscal year of achievement in Atlantic City. The fiscal year begins July 1.
The treasurer Andrew Sidamon-Eristoff held Wednesday in a letter send to governmental financial plan chief David Rosen that the estimate were base on a report from a Wells Fargo analyst who likely New Jersey’s Internet making a bet potential could grow to $1.5 billion over the next five years.
By the side of a 15 percent tax rate, this would yield $225 million in profits to the state, Sidamon-Eristoff said in the letter and he has told lawmaker that he estimate Internet gambling revenues to reach $1.2 billion and answer in $180 million in tax revenues at some stage in the first fiscal year of achievement in Atlantic City. The fiscal year begins July 1.