With the state struggling to make ends meet — a struggle that generally includes new or increased taxes on residents — the last thing anyone needs is a drop in state revenue.
But it looks like that might happen. Casino revenues dropped in January, and gaming experts are predicting a yearlong drop of 5 percent or more as competition with other states heats up.
A 5 percent drop would mean Trenton lawmakers would have about $24 million less to work with next year.
Lawmakers could do the logical thing and cut $24 million in state spending. But New Jerseyans know all too well where that money will likely be made up — tax hikes.
But there is another eventual possibility for increased state revenue: sports betting.
Atlantic City needs to offer options the Pennsylvania slot parlors can’t. Sports betting is a money-maker in Nevada. Allowing it in Atlantic City would give Northeast gamblers a unique draw in this state.
There’s no excuse for state legislators to drag their feet on this, especially since it may take a long time to bring sports betting to Atlantic City with either an act of Congress or a federal court decision needed to clear the way.
Source: Camden Courier Post