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NJ senate approves track subsidy18 March 2008TRENTON, New Jersey -- As reported by the Press of Atlantic City: "The state Senate gave final approval Monday to a bill that would provide a $90 million casino-funded subsidy to state horse-racing interests while keeping video lottery terminals out of the state and giving casinos a potential tax break. "Gov. Jon S. Corzine is expected to sign the bill that passed the Senate 38-1. It cleared the Assembly 76-0 Thursday. "The bill would provide $30 million annually over the next three years. It essentially extends the $86 million 2004 pact that banned VLTs. "...Casinos and resort officials have long opposed VLTs in horsetracks because they fear it could cut into the resort's low-rolling base. "...The bill also encourages casinos to expand promotions by limiting the tax on restricted comps - bonuses given to players that have to be played in a specific casino - to the first $90 million citywide..." copyrighted material written for and appeared exclusively in The Press of Atlantic City |