Lawmakers in New Jersey understand there is urgency when it comes to helping their ailing Atlantic City casino gambling
Atlantic City casinos experienced a decline in revenue of almost ten percent for 2010. That comes after 2009 was also a lost year in terms of gaming revenue. The continued decline has legislators looking into expanding the casinos' reach to the Internet.
"These figures again show that the competition is catching up to AC casinos, and that the sports betting and online gambling bills up for a vote need to be passed to keep New Jersey's gaming industry ahead of the likes of Maryland and Pennsylvania," said Gaming Analyst Steve Schwartz.
The relief could come as soon as today. Already, lawmakers have decided to vote yes on several gambling bills, although the online gambling legislation has yet to be voted on. If approved, AC casinos may be able to have their online operations up and running by the end of this year.
The more likely scenario will be a time period for the state to enact regulations for the industry. Existing AC casinos would likely all get the opportunity to expand their business to websites, where only New Jersey residents would be allowed to gamble.
New Jersey is also attempting to become the first state in the US to regulate games such as online poker, blackjack, and slots. California and Florida may be close behind, and if New Jersey lawmakers stall at all, one of these other states may become the groundbreaking jurisdiction to regulate online gambling.
For 2010, gambling revenue fell to $3.57 billion, down 9.6% from 2009. The previous year, revenue fell a record thirteen percent from 2008. It is a downward spiral that the state's gaming industry is hoping will be reversed in 2011.
January 10, 2011
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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