Meadowlands Casino Could Generate $400M In Revenue, Create 10,000 Jobs

A new casino at the Meadowlands could generate more than $400 million in tax revenue and create more than 10,000 area jobs, the project’s developers said.

Hard Rock International and Meadowlands Racing and Entertainment will reveal their plan next week to construct a casino at the Meadowlands.

“A casino at the Meadowlands could generate more than $400 million in yearly revenue, which could fund critical priorities, such as property tax relief for seniors and veterans’ programs, in addition to helping rebuild Atlantic City and create more than 10,000 jobs in the area,” the companies said in a statement Tuesday.

The proposed casino would be built next to the new $88 million grandstand, NJ.com reported, but, no further details of the project were offered.

The Associated Press reports that the project could generate $500 in tax revenue and could “provide a new course of cash for Atlantic City’s struggling casinos,” which have fought the proposal “every step of the way.”

Meadowlands Racing Chairman Jeff Gural said the casino would pay a 55 percent tax rate on winnings. Atlantic City’s casinos pay just 8 percent.

“Our plan is to share some of that with Atlantic City to help them rebuild and recover,” Gural said. “I look at this as a win for the taxpayers and for Atlantic City.”

Four of Atlantic City’s 12 casinos closed last year and gambling revenues have decreased from $5.2 billion in 2006 to $2.74 billion last year, the AP reported.

Voters would have to amend the state Constitution with a referendum to allow the casino to be built. Gural said he is “optimistic” a referendum could be placed on ballots in November if the state Legislature adopts a bill authorizing it by the end of June.

If not, the referendum might not go before voters until 2017.