According to the Associated Press, the Republican governor met with Caesars Entertainment Corporation (NASDAQ: CZR) and MGM Resorts International (NYSE: MGM) heads and afterward said that the two Las Vegas-based casino companies requested unspecified relief from some of the state’s gambling regulations.
Christie reportedly said that additional relief will be revealed by him within 30 to 45 days,
About six years ago, the Garden State reduced some of its regulations pertaining to the casino industry, including the change from costly five-year casino license reapplications to being invalid indefinitely.
According to the news agency, the city’s remaining seven casinos say they are now doing better, after five of their competitors were shut down during a three-year period.
Showing positive signs of growth, profit figures for the city’s seven casinos were up 30.4 percent for the first quarter of this year when compared to last year, with the Borgata Casino showing reporting $61.4 million in earnings, an increase of almost 29 percent when compared to the first few months of 2016.
In other news in the state, New York real estate developer Jeffrey Gural, who runs Meadowlands Racetrack in East Rutherford, as well as the racinos Tioga Downs in Nichols, New York and Vernon Downs in Vernon, New York, recently advised patience regarding proposed casino expansion in the state.