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20 July 2020 04:38

Throughout this economic downturn, the housing market has held up, thanks in part to low mortgage rates.

mergers and acquisitions

There's no improvement in the state's revenue picture according to new numbers from the Treasury Department. So far this fiscal year, total revenue collections of $29.8 billion are down $3 billion, or 9.2% below the same period last year. Revenue collections for all the major taxes fell sharply in June. A blockbuster casino industry deal means a change of ownership for several properties in Atlantic City and the return of billionaire investor Carl Icahn. New Jersey regulators Friday gave final approval for a $17.3 billion buyout that creates the world's largest casino company, with Icahn as the largest single shareholder.

State’s revenue collections weaken in June

Nevada-based Eldorado Resorts will acquire Caesars Entertainment and three of its Atlantic City properties: Caesars, Harrah's and the Tropicana. Eldorado is promising not to close any of those properties for at least five years. Meantime, Caesars is selling its fourth Atlantic City property, Bally's, to a Rhode Island company. Throughout this economic downturn, the housing market has held up, thanks in part to low mortgage rates. This week rates hit a new record low. The average rate on a 30-year fixed rate mortgage fell below 3%. That's the lowest level since 1971, when the housing agency Freddie Mac began tracking rates.

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