New Jersey Senator Pushes For Slot Machines At Horse Tracks
On Tuesday, New Jersey State Senator Joe Pennacchio once again called for the state to legalize slot machines at horse racetracks in the Garden State.
According to a issued by the New Jersey Senate Republicans, Pennachio’s legislation, SCR14, would form a consortium of Atlantic City casinos to operate the machines, which would generate significant tax revenue for the state. Profit distribution from the newly created racinos would be based on the presence of each casino in Atlantic City. The larger a casino’s presence, the greater its share of the profits.
The bipartisan legislation is co-sponsored by Democrat Joseph P. Cryan.
“We are leaving untapped money on the table,” said, Pennacchio, a Republican, in the release. “The monies generated would be constitutionally dedicated with dollars going to Atlantic City infrastructure, the horse racing industry, the consortium, and state taxpayers.
“Why does New Jersey continue to sit on the sidelines and have New York take advantage of a lucrative market which we should also be engaged in? A racino at the Meadowlands alone would be a game changer for New Jersey taxpayers.”
No stranger to revenue stream innovation, New Jersey is the only state to have thus far launched fixed-odds horse wagering at its tracks, although Colorado is on the cusp of following suit.
