.Private group offers New Jersey $600 million to run Meadowlands Racetrack and instal

[point given]

Meadowland racino on tap ??? would add to that Xanadu experience.

.....He said the commission received a report detailing the proposal, which asks for 5,000 video lottery terminals, similar to slots, in a proposed 300,000-square-foot facility next to the track. The report projected that 1,000 jobs would be created and the state would gain $350 million a year in revenue from a VLT operation.......

....... the proposal calls for the group to make a $500 million advance payment to the state by the end of next fiscal year, June 30, 2011, as long as the 5,000 VLTs were installed by then. The group is offering another $100 million in payments in return for allowing it to take over operations of the racetrack and for an option to build as many as seven off-track wagering facilities......

http://www.pressofatlanticcity.com/news/top_three/article_0c55d162-4c1a-11df-86a7-001cc4c03286.html

[Valuist]

When I saw the headline, I feared that the next words would be "synthetic surface".

[Hanover1]

As the 2 boys stared at the contraption before them, one of them exclamed: "Won't fly Orville".

[Igeteven]

When I saw the headline, I feared that the next words would be "synthetic surface".

:( :( :( :eek: :eek: :( :( :(

[onefast99]

Great idea that should be acted upon asap to save NJ racing.

[Robert Goren]

It makes more sense than that bit of foolishness that New Jersey is trying this year. JMO

[onefast99]

It makes more sense than that bit of foolishness that New Jersey is trying this year. JMO
I din't think anyone had a choice here Robert. The Governor told the horseman this is how the last casino paid purse supplements will be spent for 2010 period. Next year is the problem for NJ racing unless someone comes up with a decent plan. The takeover of Xanadu as a casino would be a plus for everyone in NJ. The vacant buildings that make up this once highly anticipated family entertainment and shopping complex can easily be changed over to house a mega-casino and family entertainment complex. Together with the new Giants/Jets football stadium this complex will draw millions. Leaving this complex unfinished is a huge blow to NJ's economy and the states residents.

[Thomas Roulston]

It makes more sense than that bit of foolishness that New Jersey is trying this year. JMO


But what if it turns out not to be so "foolish"?

And why don't they add 7 1/2-furlong turf races at Mth? They would have a 770-foot run into an 880-foot turn; at the Fair Grounds they go 480 feet into an 814-foot turn, so why not?

[point given]

I din't think anyone had a choice here Robert. The Governor told the horseman this is how the last casino paid purse supplements will be spent for 2010 period. Next year is the problem for NJ racing unless someone comes up with a decent plan. The takeover of Xanadu as a casino would be a plus for everyone in NJ. The vacant buildings that make up this once highly anticipated family entertainment and shopping complex can easily be changed over to house a mega-casino and family entertainment complex. Together with the new Giants/Jets football stadium this complex will draw millions. Leaving this complex unfinished is a huge blow to NJ's economy and the states residents.

Perhaps I typed confusingly . Nowhere was it proposed to take over Xanadu, they would build a new building next to the track. I suppose like they did at Pompano in florida. They also proposed a hotel. It might get a little crowded on football sundays though.

[onefast99]

Perhaps I typed confusingly . Nowhere was it proposed to take over Xanadu, they would build a new building next to the track. I suppose like they did at Pompano in florida. They also proposed a hotel. It might get a little crowded on football sundays though.
I read the article, the quickest way to get the VLT's in operation is to find an exisiting building such as the Pegasus at the Meadowlands(too small for 5000 machines) or the VACANT Xanadu project which is something I discussed on this forum about 2 months ago. Combining the Xanadu project with a full casino would enhance that area greatly and bring in much needed tax dollars despite what those who stand against it say. AC is losing out to surrounding states who have table games and VLT's. Putting a casino at the Meadowlands will at least keep some of the gambling dollars right here in NJ.

[castaway01]

I read the article, the quickest way to get the VLT's in operation is to find an exisiting building such as the Pegasus at the Meadowlands(too small for 5000 machines) or the VACANT Xanadu project which is something I discussed on this forum about 2 months ago. Combining the Xanadu project with a full casino would enhance that area greatly and bring in much needed tax dollars despite what those who stand against it say. AC is losing out to surrounding states who have table games and VLT's. Putting a casino at the Meadowlands will at least keep some of the gambling dollars right here in NJ.

First of all, thanks for defending the idea behind the Monmouth meeting. You're right, there really was no choice---it was time to take a shot and see if something different worked. I applaud the move even if it fails.

Second, your idea here makes a lot of sense, which is why it will probably never happen. Logically though, if the state claims to be losing money on the tracks, why not make $600 million on a losing investment? They can do a reverse supplement and send $100 million to the casinos to allow it to happen.

[badcompany]

AC is losing out to surrounding states who have table games and VLT's. Putting a casino at the Meadowlands will at least keep some of the gambling dollars right here in NJ.

According to the article, AC doesn't seem too thrilled with the idea:

A casino industry representative and area officials said the plan could not be justified financially.

“Our state’s budget problems won’t be solved by another one-shot revenue gimmick, especially one that closes only 4 percent of the state’s deficit and jeopardizes thousands of long-term jobs in the process,” Joseph A. Corbo Jr., president of the Casino Association of New Jersey, said in a statement.

“Atlantic City’s casinos employ 38,000 New Jerseyans, pay $1 billion annually in state and local taxes and spend $2 billion with other New Jersey businesses and suppliers in all 21 of New Jersey’s counties,” he said. “Putting at risk one of the state’s largest employers for a one-shot revenue gimmick would be a terrible idea with potentially devastating consequences.”

[onefast99]

According to the article, AC doesn't seem too thrilled with the idea:
It is plain and simple, NJ needs to have a northern casino, whether it is run by those involved in AC or a newly formed group who has previous experience in running a casino operation. NJ is losing millions and millions to Pa and the surrounding states, why? Because people don't want to travel almost 2.5 hours to AC who are right here in the metropolitan NY/NJ region. How many of these people are going to the NY or Ct casinos, a lot. The rail lines are already in place to bring many to the Meadowlands complex, it is time the people of NJ vote on this instead of the good ole boys club telling us what to do.

[badcompany]

It is plain and simple, NJ needs to have a northern casino, whether it is run by those involved in AC or a newly formed group who has previous experience in running a casino operation. NJ is losing millions and millions to Pa and the surrounding states, why? Because people don't want to travel almost 2.5 hours to AC who are right here in the metropolitan NY/NJ region. How many of these people are going to the NY or Ct casinos, a lot. The rail lines are already in place to bring many to the Meadowlands complex, it is time the people of NJ vote on this instead of the good ole boys club telling us what to do.

I don't disagree with you, but, you have some powerful interests in AC, and, from their perspective, a north NJ casino run by a competitor is an income drain, and one run by AC interests, after construction costs, is a wash.

In a perfect world, there would've been a casino in Pegasus years ago.

[onefast99]

I don't disagree with you, but, you have some powerful interests in AC, and, from their perspective, a north NJ casino run by a competitor is an income drain, and one run by AC interests, after construction costs, is a wash.

In a perfect world, there would've been a casino in Pegasus years ago.
Even if it is a "wash" getting the first casino in at the Meadowlands will be a winner in the long run. Xanadu is the perfect location for a casino in the not too distant future.