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Atlantic City mayor: tax plan could save Taj Mahal




Updated: Dec 08, 2014 12:41 PM

Trump Taj Mahal (MyFoxNY.com photo)

Taj Mahal casino closing pushed back

By WAYNE PARRY | AP
TRENTON, N.J. (AP) - Atlantic City's mayor says a tax stabilization plan making its way through the New Jersey Legislature should keep the Trump Taj Mahal casino from closing.

Mayor Don Guardian testified in favor of the package Monday in Trenton and said the bills should be enough to keep the endangered casino open.

Trump Entertainment Resorts has set a Dec. 20 closing date for the casino. It had no immediate comment.

The plan approved by a state senate committee lets the casinos know how much they will have to pay each year in lieu of property taxes, and lets the city know how much revenue it can expect.

The casinos would pay $150 million for the first two years, and $120 million annually for 13 years, assuming gambling revenue stays within certain ranges.

Copyright 2014 The Associated Press.