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GAMING PARTNERSHIP COULD BENEFIT TRACKS & NJ CASINOS

MANALAPAN, NJ – July 30, 2009 – The sustainability of the New Jersey horse racing industry and the fiscal health of the casinos in Atlantic City could benefit from a business partnership.

This is one of the recommendations from the 2009 Economic Impact Study released by the Rutgers Equine Science Center on July 29, 2009 through the Hall Institute of Public Policy.

“There should exist in New Jersey a partnership between the casino and horse racing industries to enable both to remain sustainable as competition for the gaming dollar continues to escalate,” said the report which was prepared by Dr. Karyn Malinowski, director of the Equine Science Center at Rutgers, and her PhD student Ryan Avenatti.

“This is no longer a discussion about competition between the horse racing and casino industries,” the study noted. “It is about the competition between two important New Jersey industries and the rest of the region. Video Lottery Terminals [or slots] at New Jersey racetracks would be the least significant factor impacting Atlantic City casinos revenue. Slot machines in New York and Pennsylvania are impacting Atlantic City casinos now and will continue along this trend with increasing force as more machines are put into operation and more neighboring states like Maryland implement this form of wagering.”

“The dispute we have had with the Atlantic City casinos has never been about doing something that would harm them but to work in partnership to benefit both of us,” said Tom Luchento, president of the Standardbred Breeders & Owners Association of New Jersey. “Whatever fears they have about the impact of slots at New Jersey’s racetracks cannot match the double-digit declines they have experienced since racinos [racetracks with slots] and other gaming facilities have opened on their borders in neighboring states. We offer more than an olive branch – we offer a chance for them to financially benefit as operators of the racetrack slots.”

The 35-page Rutgers report is entitled “Impact of Slot Machines/Video Lottery Terminals on the Economy, Horse Racing and Breeding Industry, Agriculture and Open Space in States/Provinces Where They Exist – Why is This Important for New Jersey?”

The report noted the installation of video lottery terminals/slots at New Jersey’s racetracks “has the potential to be a ‘win-win’ situation for both the racing and casino industries. The revenue would enhance the state budget significantly and provide capital for use by the horse racing industry to keep it competitive. Racinos would add jobs to the state during construction and renovations of the racetracks as well as during operation. Video lottery terminals [slots] run by the operators of the Atlantic City casinos would help these interests diversify sources of revenue.”

-submitted by Carol Hodes for the SBOANJ