Financial Concerns in Atlantic City

Financial Concerns in Atlantic City to Halt Casino Expansion

Indeed, people vote on the New Jersey Casino expansion referendum on November 8th. Currently, it looks as though this referendum is very unlikely to pass. However, the first part of the referendum dedicates to casino expansion. However, the second portion is regarding the allocated revenue from the gas tax increase.

Where Can I Find New Jersey Online Casinos?

If people voted in favor of the New Jersey expansion, it would put an end to the monopoly Atlantic City has on gambling. The referendum moves to have two casinos built in Northern Jersey but has been met with strong opposition. According to a poll conducted by Fairleigh Dickinson University, 70 percent of voters oppose the referendum. Of that 70%, 36% says they are against it because the state has enough casinos, while 26% are opposed because they believe the expansion could have negative repercussions on Atlantic City.

The casinos in Atlantic City have been doing poorly in recent years, with four closures that left the city in considerable debt. Seeing how the gambling market has not worked out in Atlantic City has made the people of New Jersey hesitant to sink more money into this business and expand its roots to further cities. Revenue from casinos in Atlantic City has decreased by over 50% since 2006. Those against the referendum also believe that it would create the potential for losing thousands of jobs in Atlantic City.

So, Are There Financial Concerns in Atlantic City?

Those who want the referendum to be passed argue that the new casinos would help Atlantic City. The campaign to promote the referendum, called “Our Turn NJ” suspended the paid campaign efforts in September due to polling results. This group believes the referendum could create up to 43,000 new jobs along with the potential of hundreds of millions of dollars in revenue for New Jersey. The “Out Turn NJ” campaign also argues that the profits gained from the new casinos could be used toward programs for seniors and the disabled, as well as toward helping Atlantic City recover from its current debt crisis.

21 Million Spent?

Overall, campaigning on both sides of the argument have spent a total of 21 million. Furthermore, this number is much higher than folks anticipate. Moreover, the average spending is a record high for the state. Also, People are impassioning on both sides. Furthermore, they put in as much effort as possible to advertise their views and benefits. Indeed, we don’t know the actual vote. However, people are fairly certain the referendum will not be pass.

Indeed, the second question on the ballot assigns all revenue from gas taxes to transportation projects. However, since New Jersey increasing gas taxes, things change. First of all, this increase is the first time since 1988. More specifically, it increases up to 23 cents per gallon. Furthermore, the state governor and lawmakers are pushing for people to vote for those taxes to help the Transportation Trust Fund. However, this would mean that the revenue wouldn’t get lost in New Jersey’s general budget. As of right now, this portion of the referendum could still be approved come November 8th. The stakes are indeed high and there is no telling as yet what might come out of the expansion referendum.

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Financial Concerns in Atlantic City to Halt Casino Expansion
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Financial Concerns in Atlantic City to Halt Casino Expansion
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