By: Steven Norton

Steven Norton — Sun, 17 Jan 2016 02:03:22 +0000

A casino at the Meadowlands could be good news for Atlantic City, as long as a meaningful amount of the new casino tax revenue finds its way back to AC. That is as long as next years Legislation keeps a decent tax at least on slot win. Jeff Gural has previously proposed a 55% tax on slot revenue, the same as Pennsylvania. And North Jersey gaming will compete more directly with casino in Eastern PA and New York, than with our seaside resort. If Atlantic City interests got $200 million annually, as suggested by
Senate President Sweeney, could offset a probable drop of $800 million in casino revenues, around a third of current levels. The key is for AC get its act together and promote mid week conventions and trade shows, that could result in meaningful profits from the room departments, like Las Vegas. For 200 nights a year we are either comping or discounting our rooms, in the hopes of attracting casino players, but mid week these gamblers have more convenient places to play, so they visit us on weekends or in July and August. Air service into AC International, would not only provide the needed transportation for the meeting trades, but would open us to places like Atlanta, Norfolk, Richmond, Nashville and other Southern cities. These and others have no gaming, and are out of reach of our old standby, line run buses, that used to bring 40% of our visitors, mostly mid week. A 55% slot tax will not deter suitable investors from entering the bidding, just because of the $1 billion minimum investment.

Comments on: Despite New Jersey deal, plans for Meadowlands casino advance

By: Steven Norton