In a deal confirmed on Friday, Sweeney called for a referendum in November 2016 on whether to approve new casinos in separate northern counties in the state, the locations of which were not disclosed.
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“Dentists, lawyers, teachers, bankers, real estate agents, restaurant owners, and just about everyone who made a living in Atlantic City and the surrounding areas felt the awful effects of broken promises from expanded casino gambling and oversaturation of the market”. If the measure is not approved this year, then a supermajority – 60 percent of both the Senate and Assembly – would be required next year.
The move comes as Atlantic City’s casino market continues to shrink, beset by ever-increasing competition. Hard Rock has offered to pay a 55 percent tax. “We’re open for business in New Jersey”. Both would send all the state gambling tax revenue from the new casinos – to be calculated at an as-yet undetermined rate – into a New Jersey Investment Fund.
When revenues from online casinos and poker are added together, the state generated a total of $13.2 million last month, with Borgata accounting for $4,105,463 of revenues; followed by Tropicana with $2,973,127; Caesars with $2,727,301; Golden Nugget with $2,200,820; and Resorts with $1,215,832.
“North Jersey casinos would be disastrous for our local economy, driving jobs and investment out of our region”, said state Sen. and former mayor of Atlantic City James Whelan via Twitter.
“The question of gaming outside of Atlantic City has always been debated; now is the time for the voters to decide”, Sweeney said.
The state only earned $8.7 million for the same month past year, taking in over $4 million in 2015.
Neither bill specifies where the new casinos would be built, but they would have to be at least 75 miles north of Atlantic City.
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