Firm offers $600 million to put VLTs at Big M

A New Jersey news source is reporting that a group of casino industry executives has sent New Jersey Gov. Chris Christie an offer to pump $600 million into the upcoming state budget in exchange for installing 5,000 video lottery terminals in the grandstand and paddock levels of the Meadowlands Racetrack.

 

The proposal was put forth by Global Enterprises Meadowlands, and it is led by former Harrah's Atlantic City chief executive David Hanlon. The executive summary of the proposal calls for a freestanding, 300,000-square-foot VLT facility adjacent to the racetrack that would become the long-term home for gambling machines.

 

The plan includes a $500 million advance payment that would be made by June 30, 2011 (the end of the next budget year), as long as the VLTs were installed by then. Another $100 million would be paid to the state to take over operations of the racetrack and build as many as seven OTB facilities similar to the Favorites property in Woodbridge.

 

To read the entire article at northjersey.com, click here.