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As Atlantic City continues to deal with the fallout from four casinos shuttering in one year, a new report say it's time to expand casino gambling into northern New Jersey.

The Deutsche Bank report filed last week said the casino closures paired with the state's budget shortfall at the end of the last fiscal year is ramping up pressure to allow for a Meadowlands casino, a prospect lawmakers have been considering. The report said that one or two casinos in the northern part of the state "could generate well over $500 million, putting ~$275 million into the state's coffers and thus is a smart move for the state."

"In summation, it's time for New Jersey to push forward with plans for a North Jersey casino or casinos," the report from gaming analyst Andrew Zarnett said. "And as such, we believe that the next step is a constitutional referendum this November providing approval for gaming outside of Atlantic City."

Senate President Stephen Sweeney said last year that the he had been discussing the possibility of expanding casino gambling outside of Atlantic City and that a November 2015 referendum is a "very real possibility." Christie said then that he was open to discussing the idea with Sweeney.

James Murren, the chief executive officer of MGM Resorts International, said in an interview with reporters in April that he'd be interested in building a casino in northern New Jersey if gambling was allowed there. Venture capitalist Paul Fireman was meeting with lawmakers to push for a casino in Jersey City, The Star-Ledger reported last year.

The report discussed gaming revenue in Atlantic City, which declined among the surviving casinos in April, and said the development of casinos in nearby states will "continue to take its toll on AC gaming revenues and lead to even more resorts closing in years to come."

"We would expect Taj Mahal as well as a second Boardwalk casino to join the list of shuttered properties in the outer years," the report said.

Erin O'Neill may be reached at This e-mail address is being protected from spambots. You need JavaScript enabled to view it . Follow her on Twitter @LedgerErin. Find NJ.com on Facebook.