( Correction: An earlier version of this story said Atlantic Ctiy casino operators had 6 month to submit proposals. An early version of the bill had 6 months, while the final version that is on the November ballot has 60 days.)
After months of negotiations, New Jersey lawmakers will allow the expansion of casinos in northern New Jersey, if voters need to approve the ballot measure in November.
The plan would add two casinos in northern New Jersey. Casino operators in Atlantic City will have 60 days to submit proposals, with a price tag in excess of $1 billion.
According to the legislation, if after 60 days an Atlantic City casino operator isn’t found then bidding will open to all qualified bidders.
The plan also looks to direct $200 million from the new casinos to redevelopment efforts in Atlantic City, according to Christopher Jones, an analyst with Union Gaming in Las Vegas.
“We believe there is a high likelihood the bill will pass as historically, larger elections such as presidential elections are optimal for gaming approval, given the larger voter turnout,” Jones wrote in his Gaming Weekly report.
Jones told KNPR’s State of Nevada that the Borgata and its Las Vegas-based partners MGM Resorts International and Boyd Gaming Corp. are the most likely to submit the winning bid.
Christopher Jones, gaming industry analyst, Union Gaming