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New Jersey tracks get $90 million from casinos4 March 2008TRENTON, New Jersey -- As reported by the Press of Atlantic City: "Atlantic City's casinos will spend $90 million underwriting horse-racing purses and supporting horse-breeding programs over the next three years, the Governor's Office said Monday night. "In exchange, video lottery terminals, or VLTs, will be banned for another three years. "Casinos will be encouraged to promote gaming with new tax incentives on restricted promotional credits used by casinos to draw in customers with bonuses that can be played at only one gambling hall. "...But Joseph A. Corbo Jr., president of the Casino Association of New Jersey, an industry trade group, warned the announcement might be premature. "...The deal, furthermore, would only be a short-term solution for the state's horse-racing industry, said thoroughbred industry lobbyist Barbara DeMarco. "...The announcement came nine weeks after a four-year deal expired Dec. 31. During that time, casinos provided $86 million to the horse-racing industry in exchange for a temporary VLT ban..." Copyrighted material written for and published by The Press of Atlantic City. |