Comment on North Jersey casinos may do well, but NYC competition looms

North Jersey casinos may do well, but NYC competition looms

EAST RUTHERFORD, N.J. (AP) — If New Jersey follows through on its plans to allow two new casinos in the New York City suburbs, analysts and gambling industry officials agree they could be among the most successful in the country. [...] some also caution that the casinos, intended to recapture gamblers who have been abandoning Atlantic City for neighboring states, could face their own difficulties if — as widely expected — New York allows a casino across the Hudson River in Manhattan. The appeal of new casinos is undeniable to New Jersey officials, who watch with dismay as Atlantic City's casino industry crumbles, whittled away by ever-increasing competition in nearby states. Peter Trombetta, an analyst with Moody's Investors Service, thinks the north Jersey casinos would do well — but at someone else's expense. New York City already has one of the top-earning casinos in the nation at the Aqueduct Racetrack in Queens, which offers only slot machines but still won $816 million from April 2014 to March 2015. Steve Norton, a former Atlantic City casino executive who now runs a consulting company, estimates the two north Jersey casinos would do a combined $1.5 billion annually.

 

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