Casinos in New Jersey

The latest proposal has casinos expanding to north New Jersey and the Meadowlands in particular. Hard Rock will be the principal operator of that project. Hard Rock’s chief executive, Jim Allen, said the $1 billion casino would feature 5,000 slot machines, more than 200 table games, and 12 to 15 restaurants, and that it could open as soon as soon as the summer or early fall of 2016. They would have the capacity to have a sports book if New Jersey receives the go ahead.

 

The go ahead include getting the citizens of New Jersey to pass a referendum to expand gaming outside of Atlantic City and a ruling from the 3rd Circuit Court concerning sports betting. The tax rate would be 55% in North Jersey compared to 8% in AC. Part of the taxes raised would go to Atlantic City. The amount is projected at 200 million. The tax rate is contingent on only two new licenses being awarded to the North Jersey region. Here is a video of the press conference with more details.
 

James Allen- CEO

 

I would like to see a group from Atlantic City pool resources and be a part of one of the sites. This would enable allow a  portion of the revenue earned to be  designated for property reinvestment in Atlantic City. This is in addition to taxes and could be matched dollar for dollar. The incentive for the reinvestment would have a cap so the city would get the brunt of the tax dollars.

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