New Jersey wants to become offshore gaming hub

There are many international online gaming hubs in the world and the biggest and trusted ones are also the most popular ones including Malta, Gibraltar and Isle of Man. Now Atlantic City wants to add their name to this select list.

The proposal and legislation comes from Senator Ray Lesniak, who is partly responsible for the promotion of online gaming in New Jersey since 2011. Lesniak had previously mentioned during a press conference, the idea of offering a safe and regulated envionment for international gaming companies to relocate or expand operations to New Jersey, but the legislation was only introduced at the end of last week allowing colleagues and public to thoroughly study the details of the proposal.

There are no clear indications in the plan of what exactly would lure international companies to move to Atlantic City or what incentives would be used to do so, but Lesniak has so far mentioned they would benefit from the trust generated by the Atlantic City existing gaming industry. “The Atlantic City casino industry is well-regulated and highly respected, which gives us an advantage,” he said. “We can capitalize on our strengths and attract business to build and invest in our state. We shouldn’t allow these opportunities to migrate overseas to other countries.”

As for taxation issues, it is also not clear why companies would choose to move or expand to a jurisdiction that is willing to tax them at 15%, which is very much hugher than what most companies already pay at non-US jurisdictions. These companies could benefit from tax credit for taxes paid in their home countries. There is much speculation about this project and there will definitely be much opposition from trade organizations and others but this is just the beginning for Lesniak’s legislation.

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