Internet Gambling ‘Best Shot at Resuscitating Atlantic City’ Says Lesniak
In an interview with Bloomberg News, State Senator Raymond Lesniak (D-Union) urged New Jersey Governor Chris Christie to sign a bill he co-authored that would allow for Internet gambling in the Garden State. Lesniak called Internet gambling the “best shot” at resuscitating Atlantic City.
“This is one of the last chances the governor has to provide a lifeline to Atlantic City casinos,” Farrell said in a Jan. 24 report. “Online gaming sites operated by state casino operators will lead to job creation and drive visitation to Atlantic City.”
Dennis Farrell, an analyst at Wells Fargo Securities LLC in Charlotte, North Carolina, estimated that online gaming could generate $1.5 billion of revenue for Atlantic City over the next five years along with $150 million in annual state tax revenue, according to the Bloomberg report, which noted that municipal-bond market buyers are penalizing the city at a tune of $3.7 trillion due to the gambling destination's six straight years of losses. Two years ago, Christie had vowed to rescue Atlantic City.
The Governor is widely rumored to be considering a “conditional veto” of an Internet gambling bill that sailed through both the state Assembly and Senate in late December. Last week he expressed concerns over Web gambling keeping even more people from visiting Atlantic City. He also fears a potential addiction epidemic brought on by easier access to casino gaming.
On Thursday, Atlantic City’s biggest union urged Christie to sign the bill that currently sits on his desk.
Bob McDevitt, head of Local 54 of the Unite-HERE union, suggests that the extra money Web betting would bring in could result in the survival of one or two Atlantic City casinos currently on the brink of shutting down. Already, the world's largest real money online poker room, PokerStars, has begun pursuing the purchase of the troubled Atlantic Club Casino and plans to bring internationally recognized poker tournaments to the establishment.
Christie has until next Thursday (February 7, 2013) to sign or veto the bill. Otherwise it will automatically become law.
- Chris Costigan, Gambling911.com Publisher
