Casino execs offer $600M to put slots at racetrack

Local legislators have called for slots at horse racetracks following a $600 million offer from a group of casino executives.

Sen. Jennifer Beck, Assemblyman Declan O’Scanlon and Assemblywoman Caroline Casagrande asked the New Jersey Sports and Exposition Authority (NJSEA) to seek proposals to place video lottery terminals (VLTs) at the Meadowlands, according to a press release from the District 12 legislators.

Beck said in the press release that the $600 million proposal shows that placing slots or video lottery terminals (VLTs) at racetracks could be very profitable for the state of New Jersey.

“In the midst of our fiscal crisis in the state, an offer like this cannot necessarily be dismissed out of hand,” Beck said. “However, an offer like this cannot also simply be accepted without an open bidding process. That is why I believe that the authority should seek similar proposals so that it can determine which of these proposals are best for the state and New Jersey’s racing industry.”

The offer to place VLTs at the Meadowlands would also mean that Global Enterprises Meadowlands, the entity that made the offer and is led by former Harrah’s Atlantic City chief executive David Hanlon, would run the track, according to the press release.

O’Scanlon said in the press release that the state faces an $11 billion structural deficit and should look for revenue streams wherever it can find them.

“Maybe it makes sense to have VLTs or slot machines at the Meadowlands, and maybe it makes sense for another entity to run the track,” O’Scanlon said. “It’s important that if an offer like this is on the table that it is considered alongside alternatives and that the most educated decision is made. The NJSEA needs to be open to whatever would be the best choice for New Jersey.”

Casagrande said in the press release that the state is at a point where it should be looking at alternatives.

“But we won’t know what all of the alternatives are if we accept the first offer to come along,” she said. “The idea of VLTs or slots at racetracks has been discussed quite a bit, but this is the first concrete offer that the NJSEA has gotten. It’s vital that an open bidding process takes place so that the best choice is made for the citizens of New Jersey.”