NJ Casino Revenue for Tracks

[zippyneedsawin]

Didn't see this mentioned anywhere. I don't have a link for it, so I posted the content.


By TOM HESTER Jr.
Associated Press Writer
TRENTON, N.J. (AP) -- Atlantic City casinos have agreed to boost
financial help for New Jersey's struggling horse racing tracks, but
video lottery terminals would still be banned in the state under a
deal announced Monday by Gov. Jon S. Corzine.
The deal is meant to boost horse racing tracks while protecting
casinos from new in-state gambling competition.
Under the agreement, casinos would provide $90 million over
three years to the horse racing industry, largely to supplement
racing purses but also to support equine breeding.
The casinos provided $86 million to the horse racing industry
over the last four years.
In return, video lottery terminals would be banned in New Jersey
for at least three more years. Video lottery terminals are
electronic gambling games that can simulate casino games such as
poker and slot machines.
Horse racing tracks have lobbied for years for approval to put
the lottery terminals at tracks so they could compete against race
tracks in nearby states that now offer them or slot machines, but
the casinos have opposed that move.
"Both the equine industry and the casino industry play
important roles in New Jersey, from preserving open space to
attracting visitors, and it was essential to strike a balance that
will allow both industries to thrive," Corzine said.
He said the agreement involves no taxpayer dollars and will not
cut casino tax revenues for the state.
New Jersey's horse racing industry has sought increased state
assistance as wagering decreased in recent years.
Wagering on New Jersey horse races declined 25 percent to $924
million in 2006 from 1999, according to a state-paid study released
last year.
That study estimated New Jersey would earn as much as $433.5
million annually by putting video lottery terminals at horse racing
tracks, but that the new gambling would hurt Atlantic City casinos
struggling with increased competition from other states.
North Jersey legislators have long advocated putting video
lottery terminals at the Meadowlands, but South Jersey legislators
have fought them, worried the terminals could lure customers away
from Atlantic City.