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NO INDIAN CASINOS
NEWS
February 11, 2008
Assembly Passes Sports Betting Measure
TRENTON, NJ - The New jersey Assembly has passed a measure seeking voter
approval to legalize sports betting in Atlantic City casinos. The vote was 58-17
in favor. If approved by the Senate and signed by the governor, the measure will
be placed on November's ballot.
Assemblyman Nelson Albano (D., Cape May), said: "The people of New Jersey
deserve at least a chance to vote on this issue."
Supports believe Atlantic City could generate about $800 million a year from
sports betting. The Senate version would add race tracks to provide sports
gambling. Sen. Ray Lesniak (D., Union) is sponsoring the Senate bill which has
yet to be voted on.
The biggest obstacle facing the bill is the federal ban on sports betting.
Federal law limits sports betting or lotteries to four states: Nevada, Delaware,
Montana and Oregon. The law was sponsored by former Senator Bill Bradley and
supported by professional sports. It required that any state with legalized
casino gambling for ten years prior to January 1st, 1993 could also legalize
sports betting. However, states had one year to implement that. New Jersey did
not.
The ultimate decision may rest with the U.S. Congress to amend or repeal the law
or with the courts as a violation of states' rights.
"The big obstacle to making it a reality, though, is the federal ban on sports
betting . . . which won't go away just by our passing a bill in the Statehouse,"
said State Sen. Jim Whelan, chairman of the Senate Wagering, Tourism and
Historic Preservation Committee. "I believe New Jersey voters would support
having state-regulated sports betting in casinos, but I don't want to create
false hopes."
January 29, 2008
Penn National seeks deal for Bader Field casino project
ATLANTIC CITY, NJ - Penn National Gaming has offered a deal to buy the Bader
Filed airport property for the purpose of building up to four new casinos.
They offered $800 million for the 150 acres of land and $100 million to Atlantic
City as property tax relief. Penn plans to subdivide the land into four parcels
with zoning for new casino sites. They would build their own casino on one of
the parcels and sell the other three.
Last week the city appointed the Casino Reinvestment Development Authority (CRDA)
to serve as its redevelopment agent for Bader Field. In exchange the agency gave
the city $25 million in urgently needed tax relief.
The executive director of the Casino Reinvestment Development Authority, Thomas
D. Carver, called the Penn National Gaming proposal a “scam”.
"It will take the city back years," he said. "It will almost preclude us from
reaching the next level in terms of our evolution into an international resort
destination. You will end up possibly, at best, with four grind joints out
there, based on how they want to divide the land up."
Carver feels the $800 million offer from Penn National is below market value. He
believes Bader Field is a prime casino development site and estimates it can
sell for more than $1 billion. He further said representatives from three major
casinos had interest in the property and each had phoned him with concerns about
the Penn proposal. “Two of them said flat-out they won't participate in the
process if it goes this way,” he said.
Other casino operators interested in the site are known to include Wynn Resorts,
Boyd Gaming and Pinnacle Entertainment.
January 28, 2008
Renewed Bid for Sports Betting
TRENTON, NJ – A group of New jersey legislators are leading a new bid to
legalize sports betting in Atlantic City casinos. The effort follows the first
decline in gambling revenues since Atlantic City casinos opened in 1978.
Revenues were $4.9 billion in 2007 down 6% from $5.2 billion in 2006.
One of the bill’s sponsors, Assemblyman Nelson Albano (D-1st), issued a press
release January 24th stating “There are multiple dividends for New Jersey if
sports gambling were to be provided at Atlantic City casinos. With the Super
Bowl ten days away, Atlantic City casinos are again losing out as betters flock
to Las Vegas. We need to ensure Atlantic City stays on the cutting edge and has
a competitive advantage against the new wave of gambling offerings in other
states.”
Assemblyman John Burzichelli has said "Sports betting already exists in New
Jersey, but only the criminals are enjoying the profits. Legal, carefully
regulated sports wagering would bolster both Atlantic City and the state. New
Jersey should go all-in."
Illegal sports gambling is estimated to range from $80 billion to $380 billion
per year in the U.S. Proponents of legalized sports gambling estimate the state
revenues would be up to $8 million annually.
But the NFL opposes the idea. "It's bad policy because it turns human players
into roulette chips with the sanction of the state," said NFL attorney David H.
Remes.
The bill is out of committee and will now head to Assembly Speaker Joseph
Roberts (D-5th), who will decide if and when to send it to the floor for a vote.
December 22, 2007
Connecticut Tribe May Buy Tropicana
ATLANTIC CITY - Since last summer the Mohegan Tribe of Connecticut has studied
Atlantic City for potential opportunities for expanding their successful casino
operations. The tribe’s Mohegan Sun Casino in Connecticut is earning $1.5
billion in annual revenues.
In July the Mohegan Tribal Gaming Authority invited a delegation of Atlantic
County officials to visit Connecticut and discuss the possibility of their
acquiring an Atlantic City casino. After months of research the tribe is
interested in buying the Tropicana, which is available for sale.
Last week the Tropicana owners announced a one year bank loan for $1.3 billion
to keep the company out of bankruptcy until it can sale the Tropicana. State
regulators have denied it a gaming license and a trustee for the casino must now
identify a new owner.
A spokesman for the Mohegan Tribal Gaming Authority, Jeffrey Hartmann, said he
has contacted the chairperson of the New Jersey Casino Control Commission about
the casino. "I think our brand is well-established with many of the customers
that visit Atlantic City today," Hartmann said. "We like the regulated
environment, and I think we can be a good addition to the Atlantic City market."
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New Jersey