Meadowlands casino increasingly more viable option as Atlantic City casinos close

A North Jersey business group on Tuesday unveiled a US$ 1.17 billion plan to add two hotels with casino floors and conference facilities to the Meadowlands Sports Complex, which is already home to MetLife Stadium and Meadowlands Racetrack.

The Meadowlands Regional Chamber's proposal, which updates a 2011 plan that also included a casino, comes as momentum is building among lawmakers to end Atlantic City's monopoly on casino gambling in New Jersey.

Last month, the Chamber of Commerce released the results of a survey of 93 northern New Jersey businesses, 76 percent of whom felt that the best place to put a new gambling facility would be the Meadowlands Sport Complex.  Talk of a possible 2015 referendum has the chamber updating its 2011 "vision plan" for the region to include as many as four casino-style gambling facilities.

The expanded plan includes a resort casino district, a so-called “racino” with slot machines at the Meadowlands Racetrack, a convention center and expanded parking to accommodate visitors to the facilities, as well as the long-stalled American Dream Meadowlands project, where construction is expected to return in full swing soon.

“A casino will allow the Meadowlands to draw on an already existing customer base that wants to gamble and be entertained, but is currently driving past us to get to casinos in nearby states,” chamber president Jim Kirkos said before the meeting.

Atlantic City's gaming revenues have been on a downward trend since 2006, falling from a high of US$ 5.2 billion to US$ 2.8 billion last year. Industry analysts attribute much of that decline to competition from neighboring states that have legalized gambling. Those who support pushing New Jersey gaming northward say it could help recapture some of the revenue bleeding outside state borders.

Another proposal would put a US$ 4.6 billion casino project next to Liberty National Golf Course in Jersey City. Meanwhile, more out of state competition is looming, with four resort-style casinos expected to be approved in New York state by fall, according to The New York Times.

Steven Perskie, a former state legislator who wrote New Jersey's casino gambling law in the 1970s, said in a recent interview with NJ.com that opening a casino in the Meadowlands would only light a fire under New York to get their operations running, creating even more competition for Atlantic City.

"The notion that you could build a major facility in Jersey City and then have New York say, 'OK, we’re going to allow everybody to go across the river and make money in New Jersey' is insane," he said.

Atlantic City has seen one of its casinos close so far this year, with three more closures expected by September.