New Jersey Plans to Expand its Horizons
Atlantic City has been hit with a hailstorm of bad luck over the past decade or so, leaving its residents with few locations to gamble at. With casinos falling down like dominoes, everyone seems to be wondering what’s next for this once popular shore town. There has actually been talk of a casino opening in New Jersey, but outside of Atlantic City. The big shots in charge have decided that it is time to expand their horizons and start building in North Jersey. How much revenue could casinos in other areas possibly bring in, and is there a market for it?
According to the Deutsche Bank report filed in the first week of May 2015, the state of New Jersey needs to build a new casino in order to fall back in line with earnings throughout the previous years. In other words, the Garden State is in debt and not recovering anytime soon. Popular new site NJ.com states: “the report said that one or two casinos in the northern part of the state could generate well over $500 million, putting ~$275 million into the state’s coffers and thus is a smart move for the state.” This could bring positive things to New Jersey in the years to come, perhaps it is up to the powers that be.
Reports have shown that gaming revenues have steadily declined in Atlantic City since casinos have closed down. There just aren’t enough big name players to draw as large of a crowd anymore. Perhaps it is time for New Jersey to break away from its old roots and expand its horizons to different areas of the state. The casino industry has been struggling for too long to turn down an offer that could possibly resurrect it. Gaming analyst Andrew Zarnett has an opinion that many Jersey residents may no want to hear: “In summation, it’s time for New Jersey to push forward with plans for a North Jersey casino or casinos.” He goes on to add: “And as such, we believe that the next step is a constitutional referendum this November providing approval for gaming outside of Atlantic City.”