In efforts to help the economic climate in New Jersey a new casino is being proposed in the North of the state, however some are sceptical about the development.
The popular Meadowlands Racetrack takes focal point in the state of New Jersey, as it is looking to be converted into the first casino to be located outside of Atlantic City. The developed for the lavish project believes the gaming facility could become major establishment that would benefit not only the surrounding area, but more importantly New Jersey as a whole.
• Jeff Gural has vast experience in real-estate
• Meadowlands casino could generate USD 1 billion in revenues
• Atlantic City would receive a large portion of earnings
However, many individuals that have substantial investments in Atlantic City have expressed their reservations about the plan. They are concerned that it might even further jeopardize the current economic climate in the once bustling East Coast gaming hub. The new project would have the potential to draw away all the customers that once visited Atlantic City, which essentially means that they would have less revenues to claim, according to mobile casino gambling sites.
Jeff Gural – the man behind the ambitious New Jersey casino project
The popular real estate developer Jeff Gural is heading the project and he is certain that it will be a great success. He believes that the proposed casino will have the power to bring in millions in tax revenues earnings, which could go towards rebuilding the economy of Atlantic City. Additionally, the casino would also create countless job opportunities, a fact that always plays well with the local residents. Gural stressed that he does not wish to make any changes to the New Jersey casino landscape, stating “My objective is not to destroy Atlantic City in any way.” He rather sees the new casino as an extension of the gaming industry in Atlantic City.
His remarks were not met with enthusiasm, as state officials from Southern New Jersey argued that a new casino located at or around Meadowlands, or anywhere else near North Jersey, would be catastrophic for the historic gaming hub. Assemblyman Chris Brown expressed his negative viewpoint on the matter by saying, “All you’re going to do is cannibalize the market you have.”
Other statesmen were equally dismissive of the proposed development. Assemblyman Vince Mazzeo went straight the point without a preamble, “I do not believe in having a North Jersey casino – period.” Senator Jeff Van Drew highlighted what could potentially happen to Atlantic City if they were to agree to the new casino project in the North. “We should invest in Atlantic City, not divest, because that’s what would happen if we have casinos in North Jersey.”
This heated debate is an on-going matter between the officials in the North and the South of New Jersey, as each side wants the best for themselves. What’s caused an eruption within the local populace is that recently Governor Chris Christie has stated that he was planning on letting New Jersey residents place their votes on the development of North Jersey casinos in a ballot referendum.
Gural has big ideas for the new casino
Gural seems unfazed by the ballot, as he firmly believes the vote will go in his favour, which would allow his to proceed with the casino plans. He has already entered into an agreement with Hard Rock International to convert the Meadowlands into a lavish racetrack casino. Gambling news reports that preliminary designs and more detailed plans are set to be unveiled to the public next Wednesday at a press conference.
Industry analysts believe that the proposed Meadowlands casino would have the potential to bring in an astonishing USD 1 billion in gaming earnings, which would in effect make it the most lucrative casino establishment in the state. In comparison, the popular Borgata Hotel Casino & Spa in Atlantic City, managed to generate USD 688.3 million in overall gaming revenues in 2014. It is therefore easy to see why so many officials are supporting the new casino initiative, as it would bank millions for the state of New Jersey.
This is also the main selling point for Gural. He wants to appease the residents and officials of South Jersey by claiming that millions of dollars would flow in the direction of Atlantic City, if the casino is green-lit. The highly influential real-estate mogul is certain that the Meadowlands casino can generate USD 500 million in annual tax returns for the state. 40% of this massive figure, or USD 200 million per US gambling laws, would go towards rebuilding Atlantic City and making it once again one of the hottest gaming destinations on the East Coast of the US. He added, “The last thing I want to do is hurt Atlantic City. I’m not here to do any harm to Atlantic City.” Only time will tell if he will stick to his words he is promising now, and if his establishment will be the casino that rewards casinos.