Popular real estate guru Jeff Gural, based in New York, has been pushing for some time to have a casino installed in New Jersey. This is a story that goes back several years and can be seen as one of the big debates within a local community without any real access to gaming. Like much of the US, there is strong opposition to “games of chance” and New Jersey is no different; Gural, though, wants to change this.
With a referendum being held to move gambling into northern New Jersey and to help promote the $1bn casino at the Meadowlands Racetrack, this is a crucial time for gaming and gambling in general in the US.
As Gural continues to build powerful allies such as Governor Chris Christie and State Assembly speaker Vincent Prieto, there is a growing appeal to the ideal of the gambling industry finally having a home in such a key part of the US. It’s estimated by Gural and his team that, with 14m adults over a 50m radius of the designated spot, there could be as much as $400m/year generated in tax revenues. These are the kind of figures that can usually turn the head of legislators and investors alike.
However, it still has to overcome the legal hurdles set by Atlantic City and the lawmakers based in South Jersey. He also has to wide a statewide referendum to get things moving in his direction, but the ever-growing approval ratings for the casino look to be moving the idea a bit further towards reality.
Whilst there is still a lot to do with regards to getting there, the signs at the moment are far more positive than they were even before the end of 2014 – it’s a story worth following!