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Slot Jackpot Bill Heads to Governor's Desk

TRENTON, New Jersey – As reported by the Press of Atlantic City: "Slot machine operators would be able to control jackpot funds worth millions of dollars under legislation headed for the governor's desk.

"Under the bill, passed unanimously Monday by the Senate, operators of progressive-jackpot systems could assume all liability for unpaid jackpots, paving the way for an agreement that will allow International Game Technology and other slot machine companies to control annuity jackpot funds worth millions of dollars.

"…The casino industry once vgorously opposed allowing slot machine companies to control jackpot funds, but that opposition melted after a series of deals that brought more money for development in Atlantic City. Among those deals were $62 million set aside for hotel expansion. Under Monday's bill, the CRDA could use the money for retail, entertainment and dining projects or parking spaces that are part of an overall development plan…"

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