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New Jersey Casinos, Tracks Reach Deal

TRENTON, New Jersey -- As reported by the Press of Atlantic City: "Nothing is signed, but the chief executive officer of the New Jersey Sports and Exposition Authority says Atlantic City's casino industry agreed to terms Tuesday on a deal to subsidize horse-racing purses in exchange for postponing pursuit of racetrack slot machines.

"'I'm very confident we've got a deal,' said George Zoffinger, who runs the state authority that oversees the two state-owned racetracks at the Meadowlands and Monmouth Park. Freehold Raceway is also part of the deal.

"…The trade group, which held its monthly meeting Tuesday, represents nine of Atlantic City's 12 casinos. The three Trump casinos are not part of the association, but Donald Trump must also approve the deal.

"Under the agreement, the casino industry would send $86 million over the next four years to the state's three racetracks. In exchange, the horse racing industry would postpone its pursuit of video lottery terminals at the state's three racetracks…"

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