Owner-breeder Michael J. Gulotta told a panel of state senators that slots in New Jersey’s racetracks will be a winner for the state’s budget as well as horsemen
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Gulotta presented 2,000-words of testimony at a public hearing of the New Jersey State Senate Budget & Appropriations Committee on Tuesday, March 24, 2009 at Montclair State University.
Standardbred Breeders & Owners Association President Tom Luchento, Director Dennis Lane, Executive Administrator Leo McNamara and more than two dozen horsemen were on hand, including Hall of Famers John Campbell and Chuck Sylvester.
Magical Acres Farm in Chesterfield, New Jersey sponsored a bus that transported many of the horsemen who wanted to provide their support to Gulotta’s efforts.
“Rarely in life are there opportunities for so many parties to enjoy simultaneous victories,” said Gulotta, whose Deo Volente Farms in Flemington is the newest breeding farm in New Jersey. “The introduction of racinos in New Jersey will enhance tax revenues significantly – a win for our financial condition. The introduction of racinos will add thousands of jobs in the state – a win for the people of New Jersey. The introduction of racinos run by the operators of Atlantic City casinos will provide those entities with the opportunity to diversify their sources of revenue. The introduction of racinos will help restore New Jersey to its position of preeminence in the racing and breeding industry. And the introduction of racinos will clearly help preserve open space in this very densely populated Garden State.”
Gulotta told the senators that he thought that racinos in New Jersey would yield more than $1 billion in annual tax revenues.
“In my opinion, based on conservative assumptions, we have an opportunity to raise in excess of $1 billion annually in tax revenue by transforming our racetracks to racinos – adding video lottery terminals to our racetracks,” he said. “Among other states, our neighbors in New York, Pennsylvania and Delaware have done so. These states are not only creating new tax revenue streams, but they are also simultaneously revitalizing the horse racing and breeding industry in their states.”
“In these difficult financial times, New Jersey needs to explore every possible option for increasing state revenue and creating jobs,” said State Senator Marcia A. Karrow [R-23rd District] of Flemington. “Expanding our racetracks into racinos in New Jersey simply makes good sense, both economically and in terms of preserving New Jersey’s open space.”
(SBOANJ)