Garden State Eyes November Referendum On Casinos Outside Atlantic CityVoters Could Allow Two Casinos Elsewhere In State |
|
New Jersey residents will get the chance to approve casinos outside of Atlantic City in November, under a deal announced last week by Garden State lawmakers.
The referendum would be on whether there should be two casinos in the northern part of the state. The locations will not be part of the ballot question, according to a report from the Associated Press. However, the proposal says that the new casinos must be at least 75 miles from Atlantic City.
Also unspecified is the tax rate the casinos outside Atlantic City would have to pay. New Jersey’s existing casinos pay eight percent of gross gaming revenue to the state.
The referendum would be on whether to amend the state constitution to allow for casinos elsewhere. Four casinos in Atlantic City closed last year. No additional properties shut their doors this year, but lawmakers are worried more could in the future.
New Jersey kicked off online gambling in 2013 to help bolster the gambling industry in Atlantic City. Internet gaming revenue is up significantly in 2015. Peer-to-peer online poker has slumped, however, but that trend could be reversed sometime next year. PokerStars, which received a New Jersey gaming license this fall, plans to launch its games sometime during the first half of 2016.
The move for casinos outside Atlantic City comes as neighboring Pennsylvania is set to add a 13th casino to its gambling industry and also inches closer to regulating online gambling. New York is also in the midst of putting four new casinos within its borders.
Last year, Gov. Chris Christie gave Atlantic City a five-year window to rebound from its eight-year-long gaming revenue slump before considering casinos elsewhere in the state. That window appears to be closing faster than expected due to the casino arms race in the Northeast.
Earlier this year, Deutsche Bank said that casinos in the northern part of New Jersey “could generate well over $500 million, putting [roughly] $275 million into the state’s coffers and thus is a smart move for the state.”
Hard Rock International and the Meadowlands Racetrack have already proposed a project, which could put Las Vegas-style gambling just minutes away from New York City. The Empire State decided against a casino in NYC for the time being, instead opting to help upstate economies.
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
