On Tuesday, May 20, during the East Coast Gaming Conference in Atlantic City, New Jersey Assemblyman Ralph Caputo described a gaming proposal by Caesars as hypocrisy in the "highest sense of the word."
According to a report by Press of Atlantic City, Caputo was referring to Caesars’ proposal for casino gaming to be introduced in Orange County, New York. The county is located roughly 50 miles north of Manhattan, which is located minutes away from northern New Jersey.
The article states that Caesars officials have steadfastly opposed pushes that would see casino gaming introduced in northern New Jersey over the years. Caesars’ opposition to northern New Jersey gaming expansion helps protect its Atlantic City casino interests.
The report has quoted Drew Goldman, the managing director of global real estate investment banking for Deutsche Bank, as saying that "(New York is) basically sticking these casinos on the New Jersey border." The proximity of the New York casinos in question helps lure gaming dollars from northern New Jersey across state lines.
The ongoing New Jersey casino argument has once again raised the contentious issue of gaming expansion at the Meadowlands, located upstate in East Rutherford. The State is in the midst of its protection plan for Atlantic City, which gives AC a monopoly on casino gaming in the state. The monopoly, imposed by Governor Chris Christie, is in effect until February of 2016.
A report which appears on the website of the Miami Herald has quoted Caputo as saying that a casino in the Meadowlands could bring in a billion dollars.
"A casino in north Jersey, to be taxed at 50 or 60 per cent, we could do a billion dollars a year in that location," Caputo said. "We've got to be fighting for those customers. That's what Pennsylvania is doing. That's what New York wants to do. We've got to beat New York to the punch."
(With files from Press of Atlantic City)