New Jersey voters to decide on the expansion of casinos in November
Mar 15, 2016 12:03 AM EDT
Its another day to decide on the economy for the New Jersey voters will have the chance to make a statement for the future of their city. The state is subject to vote on the expansion of casino within their locale.
According to Reuters, the state legislature on Monday has approved the ballot measure for November election which will allow the New Jersey to decide whether there is a need to expand gambling beyond Atlantic City. The state constitutional will call for their decision on establishing two new casinos at an unidentified place near Northern New Jersey which is much closer to New York.
Moreover, it would be a historical event as it is the first time in 40 years that the state's voters will have a say on the expanding of casino gambling as reported by NZ Herald. Assemblyman Ralph Caputo said "This is a very historic day for New Jersey." He added that in 1976, casinos were approved for Atlantic City and it deemed monopolistic in nature but many people benefitted in the gambling facilities. The former casino worker ended up with saying that this expansion is a change and when one doesn't adapt, one becomes extinct.
The Atlantic City Mayor Don Guardian do not believe on this project as Yahoo indicated. He predicted that three of his city's eight remaining casinos will close because of the new in-state competition while other officials from Wall Street thinks that the number closes to 4. Furthermore, he said that he will spend a time each week to persuade people why this is a bad idea. However, supporters say that new casinos will reacquire the gambling money and this must be used to rebuild the Atlantic City.
The Atlantic city's casino revenue amounted up to $5.2 billion in the year 2006 alone but it had fallen to $2.56 billion last year. Back in 2014, four of the 12 casinos in the state have closed its doors.