Garden State Times

State Senator Joe Pennacchio has renewed his call for New Jersey to place slot machine gambling at horse racetracks. Pennacchio's legislation, SCR14, proposes the formation of a consortium of Atlantic City's casinos to operate the machines, with a significantly higher tax rate than what is currently imposed on Atlantic City casinos.

"We are leaving untapped money on the table," expressed Pennacchio, emphasizing the potential financial benefits of implementing slot machines at racetracks. He further outlined that the generated revenues would be allocated to various sectors, including Atlantic City infrastructure, the horse racing industry, the consortium, and state taxpayers.

Comparing the potential of New Jersey to that of New York, Pennacchio highlighted the success of New York's racinos, which accounted for substantial revenue and tax receipts. By adopting a similar approach, Pennacchio believes New Jersey could also capitalize on this lucrative market.

Pennacchio's proposal includes a distribution plan for profits, based on the presence of each casino in Atlantic City, aiming to foster growth in the local casino industry. He reiterated his stance by questioning why New Jersey is not actively participating in this profitable sector, pointing out that a racino at the Meadowlands could significantly benefit the state's taxpayers.

"Why does New Jersey continue to sit on the side lines and have New York take advantage of a lucrative market which we should also be engaged in? A racino at the Meadowlands alone would be a game changer for New Jersey taxpayers," concluded Pennacchio.