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New Jersey Governor Vows No More Surprises

NEW JERSEY – As reported by the Press of Atlantic City: "Read his lips: No new casino taxes, no push for racetrack slots, no more surprises.

"New Jersey Gov. James E. McGreevey wowed Wall Street gaming analysts Monday night with an unflinchingly pro-casino, pro-Atlantic City message.

"'While some investors may have preconceived notions about the state's position on casinos, Gov. McGreevey made it clear that it is his intention to nurture Atlantic City, suggesting it is the 'crown jewel' of the state'" Prudential Securities analyst Bill Lerner reported to his clients Tuesday.

"…Meanwhile, New Jersey Assemblyman Jeff Van Drew, D- Cumberland Cape May and Atlantic, chairman of the Assembly Tourism and Gaming Committee, said Tuesday he would oppose any instate slots outside Atlantic City.

"… A casino-funded study last year showed that slots at the Meadowlands, Monmouth Park and Freehold tracks would cost Atlantic City casinos $560 million in lost gambling revenue and lead to 12,000 gaming and nongaming job losses.

"Van Drew proposed directing $20 million per year from private sources toward horse-racing purses. He said $7 million of the track money would come from the expired Atlantic City Fund, which is funded by casinos.

"… McGreevey downplayed the threat of racetrack slots during a Monday dinner meeting with 14 gaming analysts at the governor's Drumthwacket mansion in Princeton. He said he would pursue racetrack video lottery terminals - a form of slot machines - only if they had casino-industry support.

"…The governor vowed no new gaming taxes and said he would avoid blindsiding the industry, as he did a year ago with his call for $135 million in new taxes.

"…Dennis Gomes, president of the Casino Association of New Jersey, praised McGreevey for meeting with the analysts…

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