BOB HOLT
NEWJERSEYNEWSROOM.COM
Observers are saying that Governor Christie is being overly optimistic in his predictions for revenue to be gained from new online betting laws.
Atlantic City?s casino revenues have fallen for six straight years, and Christie is counting on the new law to boost the rebuilding process.
According to WSJ.com, Christie?s recently introduced 2014 state budget includes an estimated $1.2 billion market from the new online gambling law. But final approval for its implementation is not expected until late in fiscal year 2013.
Analysts say that estimates from $250 million to about $850 million are more likely. Last year Christie predicted that New Jersey?s revenue from Atlantic City?s casinos would increase by 16 percent in fiscal year 2013. The number was 28 percent below his goal at the end of February, according to Bloomberg.
?It?s a long shot,? said Gene Johnson, of Spectrum Gaming Group LLC from Linwood, according to Bloomberg. Assembly Budget Chairman Vincent Prieto from Secaucus added, ?You have to be realistic, and I?d think by this time he?d err on the side of caution.?
Senator Raymond Lesniak from Elizabeth, a main sponsor of New Jersey?s online gambling measure predicted online operators would make about $300 million in the first year, with first-year tax collections coming in at around $45 million.
Reuters reported that right after New Jersey legalized online gambling Feb. 26, market shares of Caesars Entertainment, which controls four New Jersey casinos and Boyd Gaming, which runs the Borgata, rose between 2 and 6 percent.?Caesars spokesman Gary Thompson said, "We think online gambling in New Jersey is going to be beneficial not only to our company and other operators but it will also help expand and possibly reinvigorate the market by introducing games to potential new customers."
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