New Jersey Senator Advocates for Slot Machines at Racetracks

His proposed legislation, SCR14, envisions a collaborative model where Atlantic City casinos would operate these slot machines, thereby generating substantial tax income for New Jersey.

A Consortium Approach

The unique aspect of Pennacchio’s proposal is the formation of a consortium comprising Atlantic City casinos to manage the slot operations. This approach ensures a fair distribution of profits, directly correlating a casino’s share to its footprint in Atlantic City. The proposal outlines a clear profit-sharing structure, ensuring that the benefits are felt across various sectors.

Pennacchio emphasizes the potential financial boon this initiative could bring. The revenue generated from the racinos (a blend of racetracks and casinos) is earmarked for specific allocations. A significant portion would rejuvenate Atlantic City’s infrastructure, bolster the horse racing industry, support the consortium’s operations, and provide relief to state taxpayers.

A Call for Action

Highlighting the urgency of the matter, Pennacchio points out the opportunity cost of inaction, especially with neighboring states like New York capitalizing on similar markets. He specifically mentions the transformative impact a racino at the Meadowlands could have, urging New Jersey to seize the initiative and not lag in this lucrative domain.

Our Comment on the Article

Senator Pennacchio’s push for slot machines at New Jersey racetracks is a bold step towards diversifying the state’s gaming industry. By proposing a consortium model, he ensures a balanced and equitable distribution of profits among Atlantic City casinos.

This initiative not only promises a new revenue stream for the state but also sets a precedent for innovative collaboration in the gaming sector. As New Jersey has already led the way with fixed-odds horse wagering, this move could further solidify its position as a pioneer in gaming innovations.