New Jersey Senate Passes E-Gaming BillBill S-490 Passes By 29-5 Margin |
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The state of New Jersey is now one step closer to becoming the first state to offer licensed, intra-state online gaming after the State Senate voted Monday to pass bill S-490.
The bill, which allows Atlantic City casinos to offer online gambling internationally and to state residents, passed by the overwhelming majority of 29-5. Now it must be passed by the New Jersey State Assembly before it is signed into law by Governor Chris Christie.
Sen. Raymond Lesniak, the author of the bill, is confident in the bill’s future. “It’s going to be presented to the governor and I don’t think he’s going to have any option but to sign it before the end of the year,” Lesniak said.
The bill authorizes the online offering of games such as poker, blackjack, craps, slots, roulette, baccarat and pai gow among others.
The real driving force behind the bill appears to be the current economic climate. Casinos in Atlantic City have seen revenues dip over the past year, with many properties experiencing double-digit percentage losses. The 11 Atlantic City casinos reported a total of $284 million in gaming revenue last month, which was an overall drop of 12.3 percent compared to October of 2009.
“Unless we take the necessary steps to bring our casinos and horse tracks into profitability and self-sufficiency, we’re going to lose these economic engines and all the benefits they bring to our state,” said Sen. Jim Whelan, co-chair of the Legislative Gaming Summitt.
A study conducted by the Interactive Media Entertainment and Gaming Association (iMEGA) has estimated that a New Jersey intra-state gambling system could raise up to $250 million in revenue and bring in $55 million in taxes.
According to the bill, online gambling operators must be licensed in Atlantic City and all equipment used to conduct gaming must be located within the city as well. This shuts out all off-shore gaming companies in an effort to keep the cash within the state.
News of the bill’s passing has many industry companies excited about the future of New Jersey gaming. Anthony Singer, CEO and president of High 5 Games, has been an advocate of passing the law since the bill was proposed.
“This legislation will allow New Jersey companies like our own to continue to grow and thrive in this developing industry, and it will provide the framework to make New Jersey the centerpiece of the American iGaming industry,” said Singer. “New Jersey legislators have shown through this historic vote that they are prepared to lead the way as Atlantic City reinvents itself with this new frontier. We look forward to the New Jersey General Assembly addressing this bill in a timely fashion so that Garden State residents can begin to play their favorite games on an explicitly legal and regulated system.”
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