ATLANTIC CITY, N.J. (AP) — Hard Rock International and the Meadowlands Racetrack are proposing a casino just outside New York City that experts say could be one of the most successful in the country.
The project, to be unveiled next week, could generate $500 million in tax revenue for New Jersey. It could also provide a new source of cash for Atlantic City's struggling casinos, which have fought the proposal as it has been floated and debated in recent years.
Meadowlands Racing Chairman Jeff Gural says the casino would pay a 55 percent tax rate on winnings. Atlantic City's casinos pay 8 percent.
But before it could happen, New Jersey's Constitution would have to be amended.
Four of Atlantic City's 12 casinos closed last year, and gambling revenue has been falling for eight years.