Atlantic city’s casino industry paid more than $504 million in taxes and fees last fiscal year, a record amount that helps fund programs around the state for its most vulnerable residents. According to the Press of Atlantic City the Casino Revenue Fund was established in 1976 with the provision that state revenues from casino gambling would be applied solely for the purpose of “providing funding for reductions in property taxes, rental, telephone, gas, electric, and municipal utilities charges of eligible senior citizens and disabled residents of the State.