Bill Text: NJ S1486 | 2016-2017 | Regular Session | Introduced
Bill Title: Provides for establishment and operation of casino at Meadowlands Complex and Monmouth Park racetrack.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2016-02-16 - Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee [S1486 Detail]
Download: New_Jersey-2016-S1486-Introduced.html
Sponsored by:
Senator JENNIFER BECK
District 11 (Monmouth)
SYNOPSIS
Provides for establishment and operation of casino at Meadowlands Complex and Monmouth Park racetrack.
CURRENT VERSION OF TEXT
As introduced.
An Act providing for the establishment and operation of a casino at the Meadowlands Complex and Monmouth Park racetrack 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 and at Monmouth Park racetrack. The authority shall solicit bids and award a contract or contracts to design, build, operate and maintain a casino, one each within the boundaries of the complex and the racetrack. 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 and at Monmouth Park racetrack, 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).
b. There is hereby created and established in the Department of the Treasury a separate special account to be known as the "Meadowlands and Monmouth Park Casino Fund," into which shall be deposited all State revenues derived from the operation of each casino established pursuant to subsection a. of this section. Moneys in the fund shall be appropriated exclusively as follows:
(1) 15 percent shall be used, during the first three years following the commencement of operations at the casinos, 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;
(2) 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) 3 percent shall be used to fund programs for the breeding of horses; and
(4) the remainder shall be used for State institutions and State aid for education.
c. 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 and Monmouth Park casinos 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 section.
2. This act shall take effect immediately but remain inoperative until the approval by the voters of a constitutional amendment allowing casino gambling at the Meadowlands Complex and at Monmouth Park racetrack.
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 and at Monmouth Park racetrack. The authority will solicit bids and award a contract or contracts to design, build, operate and maintain a casino, one each within the boundaries of the complex and the racetrack. 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 casinos, except as may be otherwise provided by the bill. The bill specifically provides that a casino established at the Meadowlands Complex or at Monmouth Park racetrack 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. However, the 8% tax on casino gross revenues would apply and would be considered State revenues.
State revenues derived from these casinos will be deposited in a "Meadowlands and Monmouth Park Casino Fund" in the Department of the Treasury and used as follows: 15% 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% 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% 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% 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 and at Monmouth Park racetrack.
