New Jersey Racetracks Seek Slot Machines, Legislation Filed to Initiate Referendum
New island of Jersey racetracks that currently tender sports betting need privileges to house slot machines. group A body politic senator has obliged the petition and has introduced legislation that seeks to ask land voters to spread out gaming at gymnastic horse racing venues.
New Jersey Sen. Joseph Pennacchio (R-Morris) this week introduced Senate Concurrent Resolution 14. The statute proposes a constitutional amendment gift the res publica Legislature the dominance to institute slot political machine gambling at horse racetracks.
Revenue from the expanded slots would live allocated to the state’s retirement programme and funding say horsemen and public investments inwards Atlantic City.
New Jersey’s Old Ironsides currently limits Las Vegas-style gambling casino play to Atlantic Ocean City.
Efforts to grant casinos inward the northern piece of the state and slots at racetracks have failed inward several previous legislative sessions. Pennacchio has been authoring racino statute law since 2014 to no more avail.
Racino Bill Details
If SCR14 in some manner changes the tide this yr inwards Trenton and wins enough backing inwards from each one chamber, the statute would inquire voters during the 2024 presidential election if they wishing to reserve expansion slot machines at state-licensed Equus caballus racetracks.
There are currently iii such qualifying venues, including The Meadowlands inward eastern United States Rutherford, Monmouth Park in Oceanport, and Freehold Raceway. Each track currently offers on-site and peregrine sports betting.
If the track expansion slot political machine referendum would earn simple majority support, the New Jersey Legislature would then live cleared to head statute law authorizing such gambling at the tracks. The racino slots would be dependent to the same 8% task that physical expansion slot machines inwards Atlantic Ocean City are subjected to on their receipts gaming revenue.
Pennacchio suggests scope apart 60% of that task money for the res publica pension computer programme for public employees. Thirty percent would lead straight to the Nina from Carolina casinos inwards Atlantic City, 7% would be used for economical advance projects in Atlantic Ocean City, and the remaining 3% would welfare the horsemen.
The state’s ennead casinos will presumptively contradict Pennacchio’s legislation, as they have through with(p) inwards the past.
Atlantic City’s gaming industry continues to accentuate that it remains in recovery mode from the COVID-19 pandemic. Despite brick-and-mortar gaming revenue up 1.8% through and through Nov from the same 11 months in 2022, the casinos say higher overhead costs hold more than slice into the gaming increases.
Casino slot win from Jan through and through November 2023 totaled nearly $1.94 billion. That’s 2.5% richer from 2022. Table win during the same stop strike down 0.1% to $679 million. December’s write up hasn’t yet been revealed.
Gaming Advertising Bill Filed
Along with Pennacchio’s racino measure, New island of Jersey is start its 2024 session with a gaming greenback to point of accumulation how casinos and sportsbooks advertise. Senate Bill 2156 from Sen. Chief Joseph Cryan (D-Union) would restrict “advertising for cassino games and sports pools below certain circumstances.”
Those circumstances would include requiring gaming interests to ensure that their marketing materials don’t attain individuals on the state’s self-excluded name or people below the legal gaming age. The note would require the New Jersey Division of Gaming Enforcement to “promulgate rules to confine advertisements made by gambling casino licensees and sports wagering licensees, and their contracted operators, that interrelate to cassino games or sports wagering, only when if those advertisements are fraudulent or deceptive, are directed at individuals on the lawfully constituted self-exclusion list, or flat invoke to individuals under the legal age to take chances or wager.”
Cryan said it’s life-sustaining the nation improve protects consumers and those who are trying to limit their exposure to gaming.
Gambling on gambling casino games or sporting events is a potentially addictive behaviour that can resultant inwards mental, social, and financial stresses to an individual, their family, and their community. While gaming inward various forms and through various mediums is legal inwards this state, it is necessary to occupy steps to protect vulnerable populations … from the untoward personal effects associated with gambling,” Cryan said.
Both SCR14 and SB2156 have got been directed to the state Senate’s Government, Wagering, Tourism & Historic Prevention Committee for initial review.
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