High chances for N. J. to legalize casino gambling
Atlantic City has long been dethroned as ruling king over the gambling industry. Connecticut, Pennsylvania, and New York followed in its footsteps, and now New Jersey is asking the same question: Is it time to legalize gambling in the state?
After a 30 year monopoly Atlantic City is not only stepping out of the spotlight but is also in serious financial trouble. Out of the 12 world-renowned casinos populating Atlantic City, four have already shut their doors and a few others are in peril of failing. Although the gambling core was quite a long drive from New York, back then, people used to crowd the casino entrances for a chance at a game of chance.
With the legalization of tribal casinos in Connecticut, Pennsylvania’s racetrack slots and casino table games, and New York’s Yonker Raceway casino gambling, Atlantic City has lost ground and revenues have been consistently dropping. It is a viable scenario that the city might become bankrupt, seeing as it is running out of money.
In an effort to save Atlantic City from ruin, New Jersey legislators are looking to permit the construction of two new casinos in North Jersey. The new casinos would leak a profit portion towards rebuilding Atlantic City.
The two projects are backed by Hard Rock International that is willing to invest $1 billion for a casino at Meadowlands Racetrack, and venture entrepreneur Paul Fireman who is planning a $4 billion casino and hotel resort in Jersey City.
Supporters are hopeful that Senate will allow voters to have a say in the matter at November’s voting session. While South Jersey lawmakers are firmly opposing the idea of legalizing gambling outside Atlantic City, North Jersey appears more open. Vincent Preito, Assembly Speaker, is pro-legalization, but the matter will be in the hands of President Stephen Sweeney who has not yet pronounced his decision.