New Jersey Assemblyman Ralph Caputo has announced that a new measure will be introduced which will clear the lay-out of the provisions regulate the use of the financing of new casinos in North Jersey.
In a statement, Caputo said:
Transparency and clarity is of crucial importance for the residents and all parties involved in the North Jersey casino debate. Voters need to be clear about what they will vote on in November. They need to know where we stand. With this resolution, it is our intention for the state a share of the funding of the casinos in the northern part of the state is now in writing and have a chance to be agreed to by both houses.
Assemblyman Caputo is the chairman of the Meeting Tourism, Gaming and the Arts Committee and has drafted the measure that is called ‘Assembly Concurrent Resolution‘. The resolution will be introduced in the legislative house on Sept. 15. The referendum will go to vote in November of this year, and New Jersey voters decide whether casinos can be developed outside of Atlantic City, at this time, the only city allowed to host casinos in the state of New Jersey. Proponents of the extension program are of the opinion that the two new casinos in North Jersey will play an important role in the conservation of the gambling dollars that are currently leaving the state to the casinos located in the neighboring states of New York, Pennsylvania and Connecticut and revitalize the economy of the region.
Under the terms and conditions of the casino expansion proposal, up to $ 200 million of revenue will be redirected to Atlantic City in the form of grants and will be used for the development of the city for a period of 15 years. The proposal of Caputo also the intention of the Legislator to increase the tax rate for casinos in North Jersey than what is charged for the casinos in Atlantic City. The income levels for these casinos will depend on the investments. It also states that a casino operator is in possession of the activity in Atlantic City will be the owner of the half of a casino in the northern regions.
The resolution will detail the allocation of resources to the various programme which include Senior Freeze, meals on Wheels, PAAD (Pharmaceutical Assistance to the aged and Disabled), and Atlantic City recovery initiatives.
Other funding initiatives include funding for the provinces in the direction of the public spaces, infrastructure, and improvements to the infrastructure, funding for job placement programs for displaced casino workers, marketing support to promote Atlantic City as a destination, the financing for the development of the standard bred and thoroughbred industries.
The measure also includes guidelines for choosing casino locations, selection of casino operators and management of programs receive of casino financing.