Pennsylvania racinos are getting fat feasting on New Jersey residents, especially when they are much closer to than the eleven casinos in Atlantic City. The Mount Airy Casino and the Sands in Bethlehem have approximately 30% of the customers coming from New Jersey. In 2010, it is calculated that $70 million of the tax revenue earned in Pennsylvania came from New Jersey residents; this before table games were added to the gaming mix.
I guess the state of New Jersey doesn't need $70 million dollars. I know I could use that amount of money.
If you include what New Jersey residents are contributing to New York's treasury, one must wonder what kind of stranglehold Atlantic City casinos have over the state legislature and governor. This is no money coming back to Atlantic City if it somehow is successful in rebranding Atlantic City casinos, this is convenience gambling; gambling not coming back to Atlantic City no matter what is done down there. They want to gamble and they want to get there quick; it is impulsive gambling.
So with 2011, winding down. Figure New Jersey lost $140 million dollars in tax revenue. Think what that money could have done for New Jersey? We will never know.
No comments:
Post a Comment