EAST RUTHERFORD, N.J. (CBSNewYork/AP) —Hard Rock International and the Meadowlands Racetrack are unveiling plans for a new casino just outside New York City.
Jeff Gural, owner of Meadowlands Racetrack, expects to see concerts, horse racing, live table games and slot machines at the new facility.
“The whole works,” as he put it.
Gural, who will unveil the plans Wednesday along with the chairman of Hard Rock International
, said the project would bring more than 10,000 jobs to the area and generate more than $400 million in yearly revenue — some of which would go towards helping the struggling Atlantic City, CBS2’s Andrea Grymes reported.
“It would be good for everybody; it would create jobs, not only in the casino industry, it would help Atlantic City recover and it would have an extra couple hundred million dollars, hopefully,” Gural said.
Experts say the casino could be one of the most successful in the country, but Atlantic City fears it could put it out of business.
Atlantic City has opposed every attempt to even consider legislation expanding casino gambling beyond its borders. Last year four of the city’s 12 casinos shut down, and gambling revenue has been falling steadily for eight years, even without in-state competition.
New Jersey’s Constitution would need to be amended for it to become reality and lawmakers are taking steps to put the issue before voters in November.
Many who live near the Meadowlands said they have big concerns.
“Traffic, a gambling element that isn’t suitable for this area,” one resident told Grymes.
“We get nothing out of it and it’s too crowded here anyway,” another resident said.
Still, others believe a casino would be a big boost to East Rutherford and surrounding communities.
‘I think it’s gonna be good for business and it’s gonna bring more people to the area,” resident Catherine Spinella said.
“I think it’ll bring jobs to northern Jersey, which will hopefully alleviate some of the tax burden,” another resident said.
To encourage the passage of the state constitutional amendment, Gural has agreed to pay a 55 percent tax rate.