New Jersey offered $600 million for slots, operations at Big M
April 19, 2010,by Paul Ramlow, USTA Internet News Manager
Columbus, OH — New Jersey Governor Chris Christie has received an offer from a group of casino industry executives to put $600 million into the upcoming state budget in exchange for installing 5,000 video lottery terminals at Meadowlands Racetrack and for taking over track operations.
According to a story on www.northjersey.com, the Global Enterprises Meadowlands proposal includes a $500 million advance payment that would be made by June 30, 2011 (the end of the next budget year), provided the VLTs were installed by then.
The company is offering another $100 million to take over operations of the racetrack and obtain an option to build as many as seven more off-track wagering facilities.
The proposal envisions that the state would take in $350 million a year in VLT, income and sales taxes from the first phase of the project from VLT taxes, based on what are described as conservative estimates derived from analysis of revenue at the Mohegan Sun at Pocono Downs slot machines.
The construction timetable for opening the VLT area to the public would be eight months from the time of official approval, according to the proposal.
- New Jersey slots campaign needs your help (Tuesday, April 20, 2010)
A statewide grassroots campaign in New Jersey to get video lottery terminals installed at Meadowlands Racetrack continues to chug along, and its organizers are asking for financial help from horsemen.
- Legislators call for NJSEA to seek VLT proposals (Wednesday, April 21, 2010)
A trio of New Jersey legislators have called on the New Jersey Sports and Exposition Authority to seek proposals to place video lottery terminals at the Meadowlands.