Bill Text: NJ S1332 | 2012-2013 | Regular Session | Introduced
Bill Title: Provides for establishment and operation of casino at Meadowlands Complex.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2012-02-06 - Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee [S1332 Detail]
Download: New_Jersey-2012-S1332-Introduced.html
Sponsored by:
Senator JENNIFER BECK
District 11 (Monmouth)
SYNOPSIS
Provides for establishment and operation of casino at Meadowlands Complex.
CURRENT VERSION OF TEXT
As introduced.
An Act providing for the establishment and operation of a casino at the Meadowlands Complex and supplementing Title 5 of the Revised Statues.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. The New Jersey Sports and Exposition Authority shall provide for the establishment and operation of a casino at the Meadowlands Complex to commence operations not later than January 1, 2014. The authority shall solicit bids and award a contract or contracts to design, build, operate and maintain a casino within the boundaries of the complex. All of the provisions of the Casino Control Act, P.L.1977, c.110 (C.5:12-1 et seq.), including all of the provisions thereof relating to licensure, shall apply to the establishment and operation of the casino at the Meadowlands Complex, except as may be otherwise provided by this section. A casino established pursuant to this section shall have a gaming area of a size prescribed by the authority but shall not be required to include sleeping units of any kind, and shall not be subject to the investment alternative tax established by section 3 of P.L.1984, c.218 (C.5:12-144.1).
The State revenues derived from operation of the casino pursuant to this subsection shall be deposited in the "Meadowlands Casino Fund" established pursuant to subsection b. of this section and used as follows: 15 percent shall be used, during the first three years following the commencement of operations at the casino, for infrastructure improvements of the boardwalk and beaches in Atlantic City and thereafter that 15 percent shall be used for other infrastructure improvements in Atlantic City provided that the New Jersey Sports and Exposition Authority determines that there is no further need for boardwalk and beach improvements; 12 percent shall be used for the enhancement of purses awarded to winning horses in races conducted at the Meadowlands Racetrack and at Monmouth Park Racetrack, with one-half thereof allocated for winning horses in running races and one-half thereof allocated to winning horses in harness horse races; 3 percent shall be used to fund programs for the breeding of horses; and the remainder shall be used for State institutions and State aid for education.
b. There is hereby created and established in the Department of the Treasury a separate special account to be known as the "Meadowlands Casino Fund," into which shall be deposited all State revenues derived through subsection a. of this section. Moneys in the fund shall be appropriated exclusively for purposes provided in subsection a. of this section. On or about March 15 and September 15 of each year, the State Treasurer shall publish in at least 10 newspapers circulating generally in the State a report accounting for the total revenues received in the fund and the specific amounts of money appropriated therefrom for specific expenditures during the preceding six months ending December 31 and June 30. All amounts generated from the Meadowlands Casino shall be placed in an interest-bearing account and thereafter all accrued interest shall be distributed proportionately to the parties entitled to the revenue pursuant to the provisions of this act.
2. This act shall take effect immediately but remain inoperative until the approval by the voters of Senate Concurrent Resolution No. 116, or a substantially similar constitutional amendment allowing casino gambling at the Meadowlands Complex.
STATEMENT
This bill directs the New Jersey Sports and Exposition Authority to provide for the establishment and operation of a casino at the Meadowlands Complex which will commence operations not later than January 1, 2014. The authority will solicit bids and award a contract or contracts to design, build, operate and maintain a casino within the boundaries of the complex. All of the provisions of the Casino Control Act, including all of the provisions thereof relating to licensure, will apply to the establishment and operation of the casino, except as may be otherwise provided by the bill. The bill specifically provides that a casino established at the Meadowlands Complex will have a gaming area of a size prescribed by the authority but will not be required to include sleeping units of any kind, and will not be subject to the investment alternative tax. State revenues derived from this casino will be deposited in a "Meadowlands Casino Fund" in the Department of the Treasury and used as follows: 15 percent will be used, during the first three years following the commencement of operations at the casino, for infrastructure improvements of the boardwalk and beaches in Atlantic City and thereafter that 15 percent will be used for other infrastructure improvements in Atlantic City provided that the New Jersey Sports and Exposition Authority determines that there is no further need for boardwalk and beach improvements; 12 percent will be used for the enhancement of purses awarded to winning horses in races conducted at the Meadowlands Racetrack and at Monmouth Park Racetrack, with one-half thereof allocated for winning horses in running races and one-half thereof allocated to winning horses in harness horse races; 3 percent will be used to fund programs for the breeding of horses; and the remainder will be used for State institutions and State aid for education.
The bill will take effect immediately but remain inoperative until the approval by the voters of a constitutional amendment allowing casino gambling at the Meadowlands Complex.
