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New Jersey Casino Development Bill Signed

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "Gov. James E. McGreevey signed legislation Wednesday that will generate billions of dollars in development over the next five years. It is considered the most important economic-aid package for Atlantic City since the Casino Control Act in the 1970s.

"In addition to creating thousands of construction jobs, the legislation will serve as a centerpiece of development plans for 2,000 hotel rooms and an array of Las Vegas-style retail and entertainment attractions to help the casino industry fend off competition from Pennsylvania's new slot parlors next year.

"…The ceremony was attended by state lawmakers, labor leaders and about 300 construction workers, many of them wearing hard hats, mud-spattered boots and overalls. It was the first public appearance for the governor since his stunning announcement Aug. 12 that he is gay, had an extramarital affair with a man and will resign Nov. 15.

"…Touting a litany of economic benefits, McGreevey said the legislation creates a partnership between the state and casinos that will bring billions of dollars in jobs and construction projects to the area.

"…Marc Frucelli, a union carpenter from Somers Point, said the legislation virtually guarantees there will be no downturn in the construction industry after it completes the current crop of casino expansion projects.

"…Besides giving labor unions a boost, the legislative package represents an economic bonanza for the $4.3 billion casino industry. The legislation provides tens of millions of dollars in construction incentives and will also phase out, by June 30, 2009, a 4.25 percent state tax that casinos pay on the free rooms and other "comps" they give to their best customers…"

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