During a Thursday, July 20 hearing that New Jersey Governor Chris Christie remotely characterized as "a waste of time," Meadowlands Racetrack operator Jeff Gural upped the ante for expanding gaming at the famed raceway by saying that the state could reap $350 million in annual revenue if a 55 per cent tax rate is applied to expanded VLT gaming at the Big M.
According to a detailed report on the State Assembly Hearing by John Brennan in the Bergen Record, Gural's proposed high tax rate of 55 per cent and windfall returns --- based on 4,000 to 5,000 VLTs --- was characterized as a "game changer" in the New Jersey political gambling landscape by both Democratic Assemblyman Ralph Caputo and his Republican counterpart Ronald Dancer.
Referring back to the fact that the State of New Jersey has jest entered the beginning of a five-year revitalization plan for beleaguered and faltering Atlantic City, Governor Christie retorted to questions about the Meadowlands hearing by saying, "We're into our second year now of a five-year plan. I'm certainly not going to change course when I said that I had set out a five-year plan. So I think any conversation about extending gaming to the northern part of the state, or anyplace else in the state, is a waste of time."
Brennan's article quoted Gural as saying that he agrees that Atlantic City has to be given a chance, but that he doesn't think that "you need to give them (Atlantic City) five years --- maybe two years."
Gural also explained that only having a strictly-gaming expansion at the Meadowlands --- and not the resort-casino type of option which Atlantic City, located at the southern end of the state, offers --- would not affect Atlantic City's bottom line significantly whatsoever in terms of gaming revenue.
Senator Paul Sarlo, seemingly speaking for hoards of people that have heard these talks for years, simply stated: "I get tired of going to these hearings --- it's time to put actions ahead of words."
(With files from the Bergen Record)