iGaming Business – New Jersey Senate President Steve Sweeney has proposed a new plan to help boost the market in the state’s gambling haven of Atlantic City.
Under the new plans, casinos in the city would pay the municipal government $150 million (€120.8 million) annually over two years.
The state-administered Casino Reinvestment Development Authority would also direct up to $30 million each year to cover city debt payments.
However, the proposed plan would require schools and the municipality to make $72 million in unspecified cuts.
“One of the things we don’t want is for Atlantic City to become Detroit,” Sweeney said, according to the Bloomberg news agency.
“Combined between schools and the municipal government in Atlantic City, it costs $377 million a year. That’s not sustainable.”
Atlantic City was previously the second-largest gambling hub in the US behind Las Vegas in Nevada, but has suffered in recent times due to the evolution of gambling in neighbouring states.
Sweeney’s plan comes before tomorrow’s (Wednesday) summit on the future of the resort city, with state Governor Chris Christie and various gambling executives due to be in attendance.
New Jersey also remains at the centre of an ongoing discussion over the launch of a possible sports betting service.