New York real estate developer Jeff Gural said at the East Coast Gaming Congress that he has remained optimistic about the eventual construction of a Las Vegas-style casino resort in North Jersey.
The 21st annual East Coast Gaming Congress took place on May 24-25 at Harrah’s Resort Casino in Atlantic City.
Mr. Gural is the owner of Meadowlands Racetrack, located in East Rutherford, New Jersey. Last year, the billionaire investor announced plans to expand the existing facility into a full-scale gambling resort. Casino operator Hard Rock International was revealed as Mr. Gural’s partner in the endeavor.
Under New Jersey’s gambling laws, no casinos can be operated outside Atlantic City. A referendum that would have changed the status quo and would have allowed for the construction of up to two casinos in the state’s northern part was held last November. However, New Jersey voters rejected the proposal, which meant that developers could not proceed with the Meadowlands expansion project.
Mr. Gural said that he has not given up on the idea and that he now prefers to wait for a while longer until neighboring New York has all its three commercial casinos launched and fully operational. According to the businessman, this will happen in the next six years. Mr. Gural also believes that within that six-year period New York and its casinos will turn into a serious challenge for New Jersey’s casino industry.
Once this happens, state lawmakers and voters will be ready to reconsider the failed casino expansion measure, the businessman pointed out during the recently held gaming congress.
The expansion question cannot be put before voters until 2018. However, it is still unclear whether New Jersey lawmakers will indeed call a 2018 referendum or will wait for a little longer before asking voters about their opinion on the matter.
State Assemblyman Ralph Caputo, one of the staunchest supporters of the casino expansion effort, has revealed that the Legislature will certainly put the plan forward, but that it cannot commit to a timeframe for now.
According to proponents of the idea, the construction of up to two new casinos in North Jersey will boost the state’s struggling casino industry. On the other hand, opponents believe that casino expansion beyond Atlantic City will cannibalize precious revenue from the city and may even result in more casino closures.
The once-popular casino destination has faced multiple financial problems over the past decade. Back in the years, Atlantic City was the only place on the East Coast where people could gamble. However, with more and more states opening casinos, the city’s industry has faced competition it has failed to blunt.
Five Atlantic City casinos closed doors in the period between 2014 and 2016 as a result from its financial and competition issues. Although the city’s industry has been showing signs of recovery, it will probably not be able to bring back its former glory.
