New Jersey Sen. Vin Gopal has introduced a bill that would allow casinos to be opened at Monmouth Park and the Meadowlands racetracks. The proposal would expand gaming beyond Atlantic City, which is currently the only place in the state where slots and table games are legal.
The amendment to Bill SCR130 would require a constitutional vote, asking voters whether the state should allow gaming at the Meadowlands in East Rutherford and Monmouth Park in Oceanport.
The proposal states that after the amendment is passed, the Legislature may pass a law describing the specific type, restrictions and control of the operations of such casino games.
According to the text, part of the state’s revenue derived from casino games in these two locations would be allocated to:
- Fund 45% reductions in property taxes,
- 20% for extraordinary aid to special education,
- 10% for state pension systems,
- Cost of living adjustments for retired state employees;
- Support tourism in Atlantic City,
- 5% for horse racing.
New York could create tough competition for New Jersey casinos
The proposal comes as neighboring New York City seeks to grant three casino licenses, creating new competition for New Jersey casinos.
In April, New Jersey casino revenue totaled $536.6 million, up 5 percent from a year earlier but down 1.7 percent from March.
While gaming revenue was $235.2 million, up 25.2% year-over-year and down 3.6% month-over-month.
Thus, revenue from land-based casinos was US$211 million, a decrease of 2.7% compared to the previous year. Revenue from slot machines was US$162.2 million, an increase of 2.1%, and revenue from table games was US$48.8 million, a decrease of 16%.
