New Jersey senators have reintroduced bills to restrict advertising and establish slot machines in horse race tracks.
The bill by Senator Joseph Pennacchio, SCR14 is a proposed amendment to allow slot machines in New Jersey racetracks. In the bill, it is also stated that revenue will be used to help support New Jersey in various areas including horse racing and casinos as well as improving Atlantic City.
Pennacchio introduced the bill numerous times before 2014, including in 2014. Pennacchio’s efforts to date have been in vain, as the bill has also died in committee in both 2020 and 2022.
SB2156 introduced by Senator Joseph Cryan has failed to advance a previous version of the bill in the Senate.
SB2156, in its most recent form, aims to restrict advertising for casino games and sport pools under certain circumstances. Self-excluded gambling addicts and minors are among those targeted. It also wants to crack down on advertising that is “fraudulent”, but it emphasizes “all other methods and means of advertising will remain unchanged”.
The State Government, Wagering, Tourism & Historic Preservation Committee of the Senate has been notified about both bills.
New Jersey will stagnate in 2023
New Jersey’s bills to regulate slots and advertise in the state come on the heels of a disappointing second half 2023 performance for its gambling industry.
The gambling revenues in New Jersey in November 2023 increased by 9.4% compared to the previous year, but monthly revenue fell $4.7m ($487.1m) (£3.7m/EUR4.3m).
The figures for October were 6.6% lower than those of September. This decline was due to the drop in revenue from land-based casinos.
MGM Resorts Borgata, which brought in $51.7m in November, remains the most profitable property in New Jersey. This was still down 6.1% from November 2022. Bally’s had the highest year-on-year increase, as their casino wins increased by more than 20 percent.
Golden Nugget, with a total of $50.1m, had the biggest internet gaming winnings in November. The increase was 32.9% compared to last year.
The growth of online gaming has also been good, as casinos, racetracks, and their partners reported total gaming revenues in 2023’s first 11 months at $5.3bn. The $5.3bn figure represents a 10% increase over the $4.8bn in revenue reported for the year to date period prior.
