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New Jersey casinos are not the only gambling venue suffering from out of state competition, the states horse racing industry has also taken a hit.
However the Meadowlands is proposing that a racino may be the answer to their problems. The proposal would require a change to the state’s constitution and is opposed by Atlantic City casinos.
Governor Christie’s commission on sports and gaming is expected to make its recommendations soon on how to keep the struggling market alive. Meanwhile Senate and Assembly leaders have called for a gaming summit aimed at ensuring the long-term viability of horse racing and the casinos.
Until Christie’s recommendations are implemented, the state treasurer is seeking legislative approval for a revolving fund to help stabilize the New Jersey Sports and Exposition Authority which expects to lose $12 million this year, which is common in recent years.
The total amount bet on New Jersey horses, including simulcasting, dropped 28% from 2000 to 2008, to $1.3 billion. The number of people actually going to the tracks has fallen by one-third in that time.
While the two industries cannot find common ground, 52% of the voters, on the other hand, feel that a casino at Meadowlands could help both industries.
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