Atlantic City has long been known as a gambling haven thanks to a 40-year-old law. Due to the introduction of a new bill on June 1st things are starting to change. This bill would allow citizens to vote on whether or not they want new casinos built.
A referendum is expected to follow and residents will vote on the building of three more casinos in Bergen, Essex, and Hudson, all located in New York City.
Atlantic City lawmakers fear that launching new casinos within the state’s borders could have negative effects on the city’s casino industry.
This new bill, that puts the faith of new casinos in the hands of the voters, is expected to be approved on November the 3rd. Republican Gov. Chris Christie agreed to a referendum later in the fall on the condition that revenues from the new casinos be used to benefit Atlantic City.
Many companies have already propositioned for new casinos in regions like Meadowlands, Hudson River, and Newark.
Some casino owners volunteered to pay a 55% tax and to share this income with Atlantic City. It is believed two casinos in northern New Jersey could provide Atlantic City with a $2 billion revenue over 10 years.