Casinos in New York pose a threat to Atlantic City; should slot machines be permitted at The Meadowlands?
New Jersey is considering allowing slots in North Jersey amidst the threat posed by New York casinos. This week, New York granted approval for three casinos in the Bronx and Queens, representing a significant investment of $17.5 billion. The construction of these casinos poses a severe threat to Atlantic City’s future, a city that has only recently managed to stabilize after years of hardship and the challenges posed by the pandemic.
In Atlantic City, all nine casino properties are currently profitable, with revenues from in-person gaming, including slots and table games, amounting to $2.44 billion in October, marking a 3.4% increase compared to the previous year. This growth is critical given that one of Atlantic City’s main feeder markets comprises North Jersey and lower New York. With developments such as Resorts World New York City’s transition to a traditional Las Vegas-style casino, the arrival of Hard Rock in Queens, and Bally’s preparations for a casino in the Bronx, the stage is set for a potentially grim outlook for Atlantic City.
In response to this threat, some New Jersey lawmakers advocate for opening up North Jersey to casinos or, at the very least, slot machines. Advocates believe that utilizing the Meadowlands as a site for these gaming establishments could help retain some of the gambling revenue within the state, thereby bolstering its economy.
Senator Joe Pennacchio from New Jersey has been a vocal proponent of introducing slot machines in North Jersey since the previous legislative session. As New York moves forward with three casino projects, Pennacchio emphasizes the urgency for New Jersey to take action to prevent the outflow of revenue across state lines. He argues that a Meadowlands racino would be a vital economic asset for the state and calls upon leaders to act promptly to prevent being left behind by neighboring states.
Moreover, other lawmakers are expected to introduce bills endorsing various forms of gambling in North Jersey in the upcoming legislative session. Senators Vin Gopal and Paul Sarlo are likely to reintroduce resolutions that seek to authorize casinos at the Meadowlands and Monmouth Park. Ultimately, any expansion of casino gambling outside Atlantic City is subject to approval by state voters through a legislative-led constitutional referendum, which requires majority support in a statewide vote to amend the New Jersey Constitution.
Therefore, as New Jersey contends with the threat posed by New York casinos and the potential impact on Atlantic City’s gaming market, lawmakers are considering various measures, including the introduction of slot machines in North Jersey, to protect the state’s economic interests and gaming industry.