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Pending Budget Approval Can Reopen AC Casinos This Friday

Atlantic City casinos could be fished out of limbo on Friday evening if the New Jersey state legislature finally approves a state budget agreement that was reached by key N.J. legislators and Gov. Jon Corzine on Thursday.

A budget impasse on the state of N.J. forced the casinos to stop operations Wednesday morning. State-appointed gaming inspectors were forced to be pulled-out of their services because of the impasse. These inspectors are required by law to monitor casino operations.

Key Legislators and Gov. Corzine finally agreed Thursday afternoon to raise state sales tax from 6 percent to 7 percent. Committees in the Senate and Assembly should be considering the legislation on Friday, paving the way for the governor to sign an executive order to formalize the lifting of the shutdown. Corzine said that once the state legislature approves the budget, he would be reopening the government.

The shutdown also closed state parks, beaches, lottery and state agencies in addition to the Atlantic City casinos. More than 80,000 people were temporarily thrown out of work while essential government services resumed--- i.e. law enforcers, prison guards--- without pay.

The casino industry felt the impact of the shutdown on its share, most notably Trump Entertainment Inc. which operates three casinos in Atlantic City. Trump's shares fell 6.7 percent off Monday's closing price.