New Jersey is moving closer to tapping the coveted New York City gaming market.
A bill allowing a referendum to approve two casinos in North Jersey has passed out of the Assembly Judiciary Committee. The bill would require a $1bn minimum investment in each casino and gives current Atlantic City casino operators 60 days exclusivity to apply for one of the two licences.
The state would earmark half of its tax revenues from the new casinos to the Atlantic City government to compensate for creating in-state competition. The percentage of aid would gradually decline over several years.
There are already proposed North Jersey casinos. The favoured locations appear to be Meadowlands, where operator Jeff Gural has partnered with Hard Rock International for a $1bn casino, and Jersey City, where former investor Paul Fireman has proposed a $5bn complex on the Hudson River overlooking Manhattan.
