According to a report by the CBC, a $90-million casino scheduled to open today in Moncton, New Brunswick has officials on Prince Edward Island worried about the financial future of the Island's two newly re-branded racinos

.

'Casino New Brunswick' will feature 500 slot machines, 22 table games and will also have a poker room which will house eight tables.

Charlottetown Driving Park Entertainment Centre was recently re-branded as Red Shores Racetrack and Casino, while Summerside Raceway was also re-branded as Red Shores at Summerside. In addition to live and simulcast wagering, the two racinos also now offer slot machines and Texas Hold 'Em poker.

The CBC article states that PEI is projecting a 17 per cent drop in gambling revenues this year, in part due to the new competition from New Brunswick.

"It's certainly a concern to us," PEI Finance Minister Wes Sheridan -- who is also the minister responsible for harness racing on the Island -- told the CBC yesterday.

"We've been looking at this for almost a year and a half now and we've taken quite a few steps to try and shore up our operation here on Prince Edward Island."

(With files from CBC)