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New Jersey Passes Slot Bills

TRENTON, New Jersey – As reported by the Press of Atlantic City: "Slot machines would get to the casino floor quicker and outside parties such as slot machine companies and entertainment franchises could share in gaming profits under a pair of casino-related bills passed by an Assembly Committee on Thursday.

"The bill package, sponsored by Assemblyman Jeff Van Drew, D-Cape May, Cumberland, Atlantic, also provides more flexibility to spend Casino Reinvestment Development Authority dollars on retail and entertainment projects.

"…One of the bills was amended Thursday morning so that vendors who cover more than 10 percent of a project worth $30 million or more can collect up to five percent of the revenue from the casino floor. That opens the door for House of Blues to share in the revenue growth for a $65 million expansion project at the Showboat Casino-Hotel without violating Sec. 104 of the Casino Control Act, which limits the ability of outside parties to participate in gaming revenue.

"Another bill clarifies that the provider of progressive-slot systems can be responsible for annuity jackpots without requiring any shared liability to casinos. Progressive machines are slots electronically linked together with a massive jackpot that increases incrementally with each machine's bet.

"The bill paves the way for International Game Technology and other slot machine companies to control annuity jackpot funds worth millions of dollars…"

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