Casino Proposed In New Jersey Just Outside NYCMammoth Casino Could Cater To NYC Market |
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The Associated Press reported that Hard Rock International and the Meadowlands Racetrack have put forth a long-awaited proposal for a New Jersey casino located outside of struggling Atlantic City.
The casino, which Deutsche Bank believes could generate $500 million a year in gaming revenue, could spell disaster for Atlantic City, which has seen its gaming revenue nearly cut in half since 2006’s $5.2 billion in gaming win.
According to the report, Atlantic City has always opposed casinos elsewhere in the state.
In order to have a casino at the Meadowlands, state lawmakers would have to pass a measure this summer, and then voters would have to give their OK in a November referendum.
The deadline for setting up a November statewide referendum is about a month away, according to Northjersey.com. Those in favor of the plan are moving fast.
Next week there will be a press conference unveiling renderings and a video of the proposed Hard Rock Casino Meadowlands. If approved, it likely wouldn’t be the only casino in northern New Jersey, as state officials could allow two.
Other groups have expressed interest in their own casinos outside of Atlantic City.
According to the AP, there is momentum quickly building right now because 2016 is an election year and approving the casino(s) during that time would be more difficult.
The casino industry was pushing for casino gambling in New York City when the Empire State recently approved four new casinos, but the industry didn’t get what it wanted when New York decided to only allow the new facilities to be built upstate.
With a Hard Rock Casino Meadowlands, Las Vegas-style gambling would be minutes away from the nation’s largest city in terms of population. New York City does have a slots parlor.
Several casinos in Atlantic City closed last year, and Deutsche Bank predicts that two more are likely to shut their doors in the near future. Revel, one of the casinos that closed last year, was bought this year for three cents on the dollar, but its reopening remains in doubt due to a dispute between the new owner and the energy company that supplied power to the property.
New Jersey began letting its Atlantic City casinos offer online gambling in 2013, and though revenue from that has been growing, it hasn’t been able to stop the bleeding in Atlantic City. Experts say that casinos in neighboring states, especially in Pennsylvania, are the reason why Atlantic City’s winning streak has ended and shows little signs of abating.
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