New Jersey state Senator Joe Pennacchio has introduced a bill that would legalize slot machines at the state’s horse racetracks.
SCR14 would authorize forming a consortium of Atlantic City’s casinos to operate the machines. The bill proposes a 50 percent tax rate for the racinos.
Pennacchio says imposing the same 8 percent tax paid by Atlantic City casinos would be “leaving untapped money on the table.”
“The monies generated would be constitutionally dedicated with dollars going to Atlantic City infrastructure, the horse racing industry, the consortium and state taxpayers,” Pennacchio wrote on the Senate Republicans’ official website.
“Why does New Jersey continue to sit on the sidelines and have New York take advantage of a lucrative market that we should also be engaged in? A racino at the Meadowlands alone would be a game changer for New Jersey taxpayers,” Pennacchio said.
