Casinos Could Be In North Jersey By 2019

WAYNE, NJ - North Jersey casinos could be up and running by the end of 2019 if voters approve a constitutional amendment Nov. 8 allowing them to be built here.

The two new casinos could create “direct competition” for the Borgata, Atlantic City’s most successful casino and the one that’s been able to weather that city’s economic downturn the best, Moody’s Investor Service said in a report released Wednesday.

“New casinos in Northern New Jersey could be much larger than the Borgata in scale, equal or better in terms of quality and product offering,” the agency wrote in the report. The casinos could directly compete with the Borgata, according to the agency.

The study also found that the new casinos would pose a threat to the up-scale Borgata. From 2006 — the year before Pennsylvania gaming was up and running — until Nov. 30, Borgata’s revenue has declined 7 percent while total gaming revenue for rest of the Atlantic City market declined 60 percent.

State lawmakers agreed to a deal last week allowing two casinos to be built in North Jersey. A bill was approved, and needs to be approved again by three-fifths of the Assembly and Senate this legislative session.

The casinos must be located at least 72 miles from Atlantic City with a minimum investment of $1 billion each. Bidders must hold a minimum 51 percent majority interest in an Atlantic City casino.

Lawmakers have pegged the Meadowlands as the most likest destination for one of the casinos. Another possible landing spot is the $5 billion American Dream Meadowlands. According to state Senate President Steve Sweeney, developer Triple Five is eager to submit a proposal for a casino to the project’s already impressive footprint.

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