Business Report: Opioid maker guilty, casino profits plummet, new PPE discounts | Video | NJ Spotlight News
Tuesday 24th November 2020
Purdue Pharma, the maker of the opioid Oxycontin, has pleaded guilty to federal conspiracy and kickback charges
A historic guilty plea from the pharmaceutical world: Purdue Pharma, the maker of the opioid Oxycontin, has pleaded guilty to federal conspiracy and kickback charges. Purdue admitted to paying health care providers to write more prescriptions for its opioid products and to impeding the government's investigation. The company which filed for bankruptcy a year ago, faces a more than $3 billion fine as well as a $2 billion judgment. Prosecutors say they took Purdue's bankruptcy filing into account when deciding on a sentence.
Atlantic City's casino industry is seeing financial fallout from COVID-19. According to the Division of Gaming Enforcement, the industry's operating profits plummeted 37% in the third quarter. Eight casinos reported lower profits compared to the prior year. The biggest decline came at the Borgata, which saw its operating profit skid nearly 97%, because it reopened much later than the other casinos. Only Ocean Casino Resort reported a higher profit during the three-month period.
Small businesses in the state are now eligible for even bigger discounts on purchases of personal protective equipment (PPE). The New Jersey Economic Development Authority says businesses with fewer than 100 employees can receive discounts of nearly 70% when they buy PPE from a list of approved vendors. Business and nonprofits must register with the EDA in order to receive the discount, and the deadline to do that has been extended to Dec. 10. You can find more information about this program on the website covid19.nj.gov/ppeaccess.