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Christie Set to Increase Control Over Atlantic City, Casinos
New Jersey lawmakers approved a state-controlled tourism district around Atlantic City casinos and other revisions, sending the changes to Governor Chris Christie for sign-off as he seeks to halt a gambling decline.
New Jersey’s Assembly voted late yesterday for Christie’s proposal to take control of policing, land use and development in a newly designated tourism zone encompassing Atlantic City’s Boardwalk and nearby areas. They also agreed to a regulatory overhaul that transfers some functions to the state attorney general’s office from the New Jersey Casino Control Commission, and voted to let casinos accept online wagers for games such as poker and blackjack.
The bills now require Christie’s signature.
Tax revenue has declined as annual gambling revenue at the seaside resort tumbled 31 percent during the past four years. Atlantic City’s 11 casinos won $3.6 billion last year, from peak gambling revenue of $5.2 billion in 2006 before nearby states began allowing slot machines.
The governor is “scrutinizing the bills,” Michael Drewniak, Christie’s spokesman, said in an e-mail. He declined to elaborate or say whether the governor will sign them into law.
Atlantic City, the second-biggest U.S. casino market after Las Vegas, has steadily lost its east-coast gambling monopoly as nearby Connecticut allowed American Indian-run resorts and as Pennsylvania, New York, Delaware, Maryland and West Virginia permitted and often expanded casinos.
Six of Atlantic City’s casinos went through bankruptcy or restructured debt during the financial crisis, and development has stalled. Competition continues to intensify. New York City is adding its first slots at a racetrack in Queens this year.
By Beth Jinks and Terrence Dopp
http://www.businessweek.com/news/2011-01-11/christie-set-to-increase-control-over-atlantic-city-casinos.html
New Jersey lawmakers approved a state-controlled tourism district around Atlantic City casinos and other revisions, sending the changes to Governor Chris Christie for sign-off as he seeks to halt a gambling decline.
New Jersey’s Assembly voted late yesterday for Christie’s proposal to take control of policing, land use and development in a newly designated tourism zone encompassing Atlantic City’s Boardwalk and nearby areas. They also agreed to a regulatory overhaul that transfers some functions to the state attorney general’s office from the New Jersey Casino Control Commission, and voted to let casinos accept online wagers for games such as poker and blackjack.
The bills now require Christie’s signature.
Tax revenue has declined as annual gambling revenue at the seaside resort tumbled 31 percent during the past four years. Atlantic City’s 11 casinos won $3.6 billion last year, from peak gambling revenue of $5.2 billion in 2006 before nearby states began allowing slot machines.
The governor is “scrutinizing the bills,” Michael Drewniak, Christie’s spokesman, said in an e-mail. He declined to elaborate or say whether the governor will sign them into law.
Atlantic City, the second-biggest U.S. casino market after Las Vegas, has steadily lost its east-coast gambling monopoly as nearby Connecticut allowed American Indian-run resorts and as Pennsylvania, New York, Delaware, Maryland and West Virginia permitted and often expanded casinos.
Six of Atlantic City’s casinos went through bankruptcy or restructured debt during the financial crisis, and development has stalled. Competition continues to intensify. New York City is adding its first slots at a racetrack in Queens this year.
By Beth Jinks and Terrence Dopp
http://www.businessweek.com/news/2011-01-11/christie-set-to-increase-control-over-atlantic-city-casinos.html