Two of the state’s largest public sector unions have endorsed SCR-134, a constitutional amendment proposed by New Jersey State Senator Joe Pennacchio (R-Morris/Essex/Passaic) that would give the Legislature the authority to establish slot machine gambling at New Jersey’s four horse racetracks.
The NJ State PBA and NJFMBA have announced their support for a constitutional amendment proposed by Sen. Pennacchio to allow slots machines at racetracks. (Jeff Kubina/Flickr)
The so-called “racinos” would be run by a consortium of Atlantic City’s existing casinos. Fifty percent of those proceeds would be constitutionally dedicated to New Jersey’s public worker pension system, 40 percent would go to the consortium of Atlantic City casinos running the video slot machines and 10 percent would be provided for infrastructure and entertainment enhancements in Atlantic City.
This consortium would reward those casinos that continue to call Atlantic City home. The bigger their presence in Atlantic City, the bigger their presence and profit on this consortium. No presence in Atlantic City means no presence on the consortium and no ability to enter into this profitable venture.
“This is a good way of addressing two major issues in New Jersey making our pension system solvent and rewarding Atlantic City and its casinos for their commitment,” said State Senator Joe Pennacchio.
Ed Donnelly, President of the Fireman’s Mutual Benevolent Association echoed Senator Pennacchio by adding, “the pension system will finally receive a constitutionally dedicated stream of revenue which it other wise would not have realized.”
Patrick Colligan, the President of the New Jersey State PBA followed by stating, “It’s a new approach to solving an old problem. It is a win-win for all involved.”
The resolution, SCR-134, would go before the voters for approval as soon as the November 2015 election. Senator Pennacchio invited all interested parties to get behind and support this constitutional amendment.