A New Jersey Assembly committee will hold a public hearing on one of the two proposed bills for casino expansion outside Atlantic City on January 7. The hearing will take place in Trenton and attendees will discuss whether opening two casinos in North Jersey would be good for the state.
Earlier this year, the New Jersey Legislature was presented with two proposals, calling for expansion of casino gambling outside Atlantic City. A hearing on the Senate-sponsored bill took place on December 21. If approved, the proposed legislation would require the two new casinos to be managed by an existing New Jersey gambling operator. By contrast, the Assembly-sponsored bill would require only one of the two casinos to be owned by an Atlantic City casino company.
Commenting on the two proposals, Assembly Speaker Vincent Prieto said that both houses of the Legislature have not agreed on which one of the two would be put before voters at the November 2016 referendum. Mr. Prieto also pointed out that the Assembly-sponsored bill has not been changed since last week, when an amended version was presented.
It is important to note that both bills call for tax revenue from the two new casinos to be sent to Atlantic City in a bid to boost its struggling economy and compensate for the future in-state competition. However, the two proposals differ on how much exactly the city would receive and how much would be contributed to various other statewide causes.
Under the current state gaming regulations, casino gambling is only allowed in Atlantic City. The city, which has once been one of the most popular gambling destinations, saw four of its twelve casinos close doors in 2014. Over the past months, its remaining gambling venues have performed relatively well but the popular seaside casino resort is still far from regaining its former glory.
Opponents of casino expansion outside Atlantic City pointed out that this would have quite a negative effect on its existing facilities as they will have to look for ways to blunt competition not only from neighboring states but also one coming from within New Jersey’s borders.
It is still unclear where exactly the two new casinos would be located, if one of the proposed bills is approved and the state Constitution is amended to allow their construction. However, the existing Meadowlands Racetrack in East Rutherford and Jersey City are two likely locations.
